India Signs 57 MoUs with 27 Companies for Special Steel under PLI Scheme
India, which exports steel to over 170 countries, has taken a major step to reduce its steel imports.
The government has signed 57 Memoranda of Understanding (MoUs) with 27 companies under the Production-Linked Incentive (PLI) scheme.
The government will provide around INR 6,322 crore to these companies to boost their steel production capacity, which will help reduce the need for steel imports.
Last year, India imported steel worth $1.18 billion from China, its largest steel importer.
The government aims to invest about INR 30,000 crore directly in the steel industry, with a target of producing more than 25 million tons of special-grade steel in the next five years.
This will make India a major player in the steel manufacturing sector.
Steel is an essential element used in various sectors, including agriculture, construction, defense, and automobiles.
India currently produces about 120 million tons of steel, and the government aims to strengthen the country’s steel industry to make it a global powerhouse.
The PLI scheme will help India’s steel industry produce more steel than its production capacity, reducing the need for imports.
With China included among the 170 countries to which India exports steel, the PLI scheme is a major step towards reducing steel imports and making India self-sufficient in steel production.