In order to reduce the import of steel, the government is going to give the benefit of Production Linked Incentive (PLI) to five types of special steel production. A notification in this regard has been issued by the Ministry of Steel. These five types of special steel include coated and plated steel, high strength, and wear-resistant steel, specialty rail, alloy steel, and 'steel wires and electrical steel'.
According to the notification, an incentive of Rs 6,322 crore will be given in five years on the production of these five types of special steel. The production period will be from the financial year 2023-24 to 2029-30. According to the Ministry of Steel, with the help of the PLI scheme, the production of special types of steel will reach the level of 4.2 million tonnes by the financial year 2026-27. 2.5 lakh crore imports in steel items will be prevented because India imports special types of steel in large quantities.