CHENNAI: Specialty steel companies have committed to an investment worth Rs 27,106 crore so far, and of which Rs 18,848 crore has been achieved till December, 2024, MoS Steel Bhupathiraju Srinivasa Varma informed Rajya Sabha in a written reply.

The production of specialty steel up to December, 2024 is 1.258 million tonnes, the minister apprised the Parliament. Production Linked Incentive(PLI) Scheme for specialty steel was launched with the objective of attracting investment to boost the production of value-added steel in the country.

Steel is a deregulated sector and decisions such as investment, production are based on techno-commercial considerations of the industry. PLI Scheme for specialty steel has brought the issue of developing self-reliance in production of specialty steel to the forefront.

Country shall benefit from reduction in imports of specialty steel, achieving 'Atmanirbharta' through capacity creation, ensuring investments leading to job creation and moving up the value chain in steel business.

As part of its Atmanirbhar and Make in India plan, the government launched production incentive (PLI) schemes in 14 sectors in 2020, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. (ANI)