New Delhi, January 5 (IANS). Union Steel and Heavy Industries Minister H.D. Kumaraswamy will launch ‘PLI Scheme 1.1’ for the steel industry at an event organized at Vigyan Bhawan in the national capital on Monday. Through this scheme, the government is trying to increase steel manufacturing in the country.
The steel sector has attracted investment commitments of Rs 27,106 crore from the PLI scheme launched by the Steel Ministry in November 2020. This has provided direct employment to 14,760 people. Also, there has been an estimated production of 7.9 million tonnes of ‘specialty steel’ used in the aerospace, defense power and automotive sectors.
By November 2024, the companies have invested Rs 18,300 crore and created over 8,660 jobs.
In the official statement given by the Steel Ministry on Sunday, it was said that the Ministry is continuously talking to the companies participating in the scheme and on this basis, we felt that in order to attract more participants, we have to re-notify the scheme. Needed.
The Production Linked Incentive Scheme was started in 2020 to boost domestic manufacturing during the global lockdown. Initially it was for three sectors, which was extended to the steel sector also in November 2020.
The Steel Ministry is also formulating a ‘Green Steel Mission’ with an estimated cost of Rs 15,000 crore to help the steel industry reduce carbon emissions and progress towards net zero targets.
The mission includes PLI scheme for green steel, incentives for use of renewable energy and mandate for government agencies to purchase green steel to enhance the environmental sustainability of the industry.
Ministry of New and Renewable Energy (MNRE) has launched National Green Hydrogen Mission for green hydrogen production and utilization. The steel sector is also a party to the Mission and has also been allocated a budget of Rs 455 crore for the implementation of pilot projects in the iron and steel sector under the Mission till the financial year 2029-30.
–IANS
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