The Production Linked Incentive (PLI) scheme of Rs 6,322 crore for specialty steel production has been approved by the Union Cabinet. The duration of this scheme will be five years. The investment in specialty steel production is expected to be Rs 39,625 crore. There will also be a limit of Rs 200 crore for each company under this scheme.
This scheme will help in increasing the production of specialty steel in the country. This will include coated or plated steel products as well as products such as electrical steel.
Star Health Insurance with investment of Rakesh Jhunjhunwala will bring IPO, application submitted in SEBI
Along with increasing production, the government aims to increase exports through this scheme, thereby reducing dependence on import of specialty steel.
The cabinet said that the scheme is likely to lead to additional investment of about Rs 40,000 crore and increase the capacity by 25 tonnes. This will also increase employment opportunities.
It has been clarified that any company producing specialty steel in the country can join the scheme. However, there will be a condition for these companies to take the raw material from the country itself.
Central University in Ladakh
The cabinet has also given permission to open a Central University in Ladakh. 750 crore will be allocated for this. This will help in increasing the level and development of higher education in Ladakh.
An Integrated Multi-Purpose Corporation will also be formed to improve the infrastructure in Ladakh.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.