Steel Ministry to sign MoUs with selected companies under PLI scheme for speciality steel today

Sakshi Education

Union Ministry of Steel will sign MoUs with selected companies under the Production-linked Incentive (PLI )scheme for speciality steel today in New Delhi. As per the official statement, 57 MoUs with 27 companies will be signed during the event.
Production-Linked Incentive scheme aims to boost domestic manufacturing and cut down import bills by encouraging local companies to set up or expand existing manufacturing units.
The scheme also incentivizes foreign companies to set up manufacturing units in India.
The Union Cabinet had approved the PLI scheme for manufacturing Speciality Steel (SS) with a budgetary outlay of 6,322 crore rupees over a period of five years from 2023-24.