Empowered group of secretaries to address stakeholders’ concern on PLI scheme for specialty steel, says minister

By: |
October 25, 2021 4:13 PM

Minister of State for Steel Faggan Singh Kulaste asked the stakeholders participating in the conference to discuss and come out with suggestions on the scheme.

As a result, the industry’s consolidated bank borrowings declining 26% in a short span of eighteen months between March 2020 and September 2021.As a result, the industry’s consolidated bank borrowings declining 26% in a short span of eighteen months between March 2020 and September 2021.

A meeting of empowered group of secretaries (EGS) will be called to address the issues of the companies looking to invest under the PLI scheme for specialty steel, Union Steel Minister Ram Chandra Prasad Singh said on Monday. Singh made the remarks while speaking at a seminar on ‘PLI Scheme for Specialty Steel’ organised by industry body FICCI here. The applications from companies looking to avail benefits of the scheme will be invited from second week of November, he said.

If a stakeholder has any concern, it will be taken up at the meeting of the EGS, Singh said without giving any timeline for the meeting.

On July 22, the Union Cabinet chaired by Prime Minister Narendra Modi had approved a Rs 6,322-crore PLI scheme to boost production of specialty steel in India, attract additional investment of about Rs 40,000 crore and generate fresh 5.25 lakh job opportunities. Last week, Ministry of Steel issued guidelines of the PLI scheme for specialty steel.

In his address, Minister of State for Steel Faggan Singh Kulaste asked the stakeholders participating in the conference to discuss and come out with suggestions on the scheme.

“I am sure, there will be some outcome of today’s seminar. I invite participants to let us know their suggestion for support,” he said.

Kulaste further said he is confident that huge number of domestic and internal players will come forward to avail the benefits of the scheme and invest in India to produce specialty steel. Specialty steel, he said finds application in various sectors including auto, defence, construction etc.

The scheme will reduce India’s dependence on imports for specialty steel, he added.

 

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