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The central government has proposed to hike the budgetary allocation for the Product Linked Incentive (PLI) scheme for speciality steel to ₹270 crore in the Union Budget 2024-25. This is compared to the allocation of ₹2.36 crore proposed last year.
The revision of allocation comes amid the government's plans to introduce PLI 2.0 in a bid to ensure raw material supply for the steel sector in 2024.
While strong infrastructure spending ensures robust demand for the metal, steel companies remain concerned about rising imports and high raw material prices amid geopolitical uncertainties.
In 2021, the Union Cabinet approved the PLI scheme to boost the production of speciality steel in India. Under the PLI 1.0 scheme, the government approved ₹6,322 crore to give boost the steel sector. The Ministry of Steel had signed 57 memorandums of understanding (MoUs) with 27 companies for speciality steel.
The scheme is expected to generate an investment of about ₹30,000 crores and additional capacity creation of about 25 Million Tonnes of speciality steel in the next 5 years.
However, the rising import situation has prompted the government to introduce the second edition of the scheme to boost domestic production, according to reports.
Meanwhile, the industry cheered a capex outlay of ₹11.11 lakh crore infrastructure, coupled with mobility and railways infrastructure which is expected to boost steel consumption and investments.
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