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Steel Ministry Proposes Aid to Increase Domestic Output to Cut Imports

Steel News - Published on Mon, 28 Sep 2020

Image Source: Steel Import India
Financial Express reported that India’s steel ministry has proposed incentives worth INR 3,346 crore to boost domestic production of various grades of the steel that are largely imported, to meet a local shortfall. As part of the stimulus schemes, a production-linked incentive of 3-5.1% of the incremental output value will be offered to the domestic industry for steel grades in which local production is very limited. This will cost the exchequer about INR 2,776 crore. Additionally, a preliminary proposal for phased manufacturing programme for cold-rolled grain oriented steel has also been worked out to provide an incentive of INR 570 crore over five years to the domestic steel industry to start manufacturing of CRGO in the country

The ministry has firmed up the proposal to be submitted to the Niti Aayog for further deliberations. An industry source said the proposed PLI scheme was aimed at helping the industry further develop or consolidate its capacity to manufacture electrical and automotive grades of steel and achieve self-reliance.

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Posted By : Yogender Pancholi on Mon, 28 Sep 2020
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