Rs 25,200 crore investment committed by 35 firms in 2nd round of PLI scheme for steel: Centre

New Delhi [India], March 23 (ANI): Around 35 companies have shown interest in the second round of the PLI scheme for specialty steel, with commitment of Rs 25,200 crore investment, according to the Ministry of Commerce and Industry.
The Ministry of Steel is in the process of selection and signing MoUs with these companies, as per the commerce ministry.
The ministry said that an incentive of Rs 3,600 crore is estimated to be disbursed to these projects.
The Ministry of Steel estimates that an incentive of Rs 2,000 crore will be disbursed by the end of the scheme tenure, as per the ministry's release.
Centre has approved a total of 764 applications under the Production Linked Incentive (PLI) Scheme for 14 key sectors, according to the Ministry of Commerce and Industry.
The Ministry said that 176 MSMEs are among the PLI beneficiaries in sectors such as Bulk Drugs, Medical Devices, Pharma, Telecom, White Goods, Food Processing, Textiles & Drones.
The PLI Schemes for 14 key sectors are under implementation to enhance India's Manufacturing capabilities and Exports.
As per the ministry, an actual investment of around Rs 1.61 lakh crore (USD 18.72 billion) has been reported till November 2024 which has generated production and sales of around Rs 14 lakh crore (around USD 162.84 billion) against targets of 15.52 lakh crore up to FY 2024-25 and Employment of over 11.5 lakhs (Direct and Indirect).
PLI Schemes have witnessed exports surpassing Rs 5.31 lakh crore (around USD 61.76 billion), with significant contributions from sectors such as Large-Scale Electronics Manufacturing, Pharmaceuticals, Food Processing, and Telecom & Networking products.
Incentive amount of around Rs 14020 crore disbursed under PLI Schemes for 10 Sectors viz. Large-Scale Electronics Manufacturing (LSEM), IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom & Networking Products, Food Processing, White Goods, Automobiles & Auto components and Drones & Drone Components.
Individual cases have been approved over a period of time, through a transparent mechanism, the ministry added.
Projects are implemented over a period of time ranging from 2 years to 3 years, depending on the nature of manufacturing and claims are usually made after 1st year of production. (ANI)