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In July 2021, Union Cabinet has approved the Production-Linked Incentive (PLI) scheme for specialty steel with incentives of Rs. 6,322 crore. This will be provided over a period of how many years?

In July 2021, Union Cabinet has approved the Production-Linked Incentive (PLI) scheme for specialty steel with incentives of Rs. 6,322 crore. This will be provided over a period of how many years? Correct Answer 5

The correct answer is 5.

  • Union Cabinet has approved the Production-Linked Incentive (PLI) scheme for specialty steel with incentives of Rs. 6,322 crore.
  • This will be provided over a period of five years.
  • This scheme will boost the production of high-grade specialty steel in the country.
  • It will cover coated or plated steel products, high strength or wear-resistant steel, specialty rails, alloy steel products, etc.
  • According to officials, the scheme will give eligible manufacturers between 4-12% incentive on incremental production.
  • Any company registered in India and engaged in manufacturing the identified ‘specialty steel’ grades will be eligible.
  • However, “the company has to ensure that the steel used for making ‘specialty steel’ is ‘melted and poured’ in the country, thereby ensuring end-to-end (local) manufacturing.

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