Government to launch another PLI scheme for speciality steel: Steel Secretary
The government is working on the another round of the PLI scheme for speciality steel as the response for the first round of the initiative did not meet expectations, according to Steel Secretary Sandeep Poundrik.
The government is working on the another round of the PLI scheme for speciality steel as the response for the first round of the initiative did not meet expectations, according to Steel Secretary Sandeep Poundrik. The top ministry official made the remarks at CII Steel Summit 2024 in the national capital on Friday.
In his address, Poundrik said speciality steel is still one area where more is needed to be done. The government brought a PLI to incentivise specialities steel but the offtake was not as expected.
"So we are bringing another round of PLI so that we can get more interest in the speciality steel business," he said.
Later speaking to PTI, the secretary said the government had launched Rs 6,400 crore PLI Scheme for speciality steel, out of that only Rs 2,600 crore could be allocated.
Speciality steel is high grades used in sectors like defence, automobile, and electrical among others.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
03:26 PM IST