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The government has selected around 67 applications from domestic players under the PLI Scheme for specialty steel, the Ministry of Steel said in a statement.

It added that the 30 companies from the 67 applications have been selected.

“This will attract committed investment of Rs. 42500 Crore with a downstream capacity addition of 26 million tonne and employment generation potential of 70000," it said.

Production Linked Incentive (PLI) Scheme for Specialty Steel was approved by Union Cabinet on 22 July, 2021, with a five-year financial outlay of Rs. 6322 Crore to promote the manufacturing of ‘Specialty Steel’ within the country by attracting capital investment, generate employment and promote technology up-gradation in the steel sector.

The Scheme was Notified in the official Gazette on 29 July, 2021 and detailed Scheme Guidelines were published on 20 October, 2021.

The application window for participation in the PLI scheme was closed on 15 September, 2022.

“A total of 79 applications were received from 35 small and large steel-making companies, committing to investment of Rs.46,000 Crore and downstream capacity addition of 28 million tonne over by 2030," the ministry said.

The move is expected to attract an additional investment of about 40,000 crore and generate 5.25 lakh job opportunities.

The PLI scheme aims to expand India’s local production capacity of specialty steel products, lower import dependency, and create an export-oriented production base. The scheme hopes to benefit both major (integrated) steel players as well as downstream manufacturing MSME entities.

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