Anurag Thakur announced the approval of the PLI Steel Scheme by the Union Cabinet on Thursday. This will greatly boost specialty steel production.(Representative Image) (PTI File)
An investment of Rs 39,625 crore is expected in speciality steel manufacturing. It is being done in order to boost production of high-grade speciality steel.
Union Cabinet on Thursday approved a Production Linked Incentive (PLI) Scheme worth Rs 6,322 crore for specialty steel production. It is expected that an investment of Rs 39,625 crore investment will be made in specialty steel production. Under this scheme, there will also be a cap of Rs 200 crore for each company.
The government announced that the investment worth Rs 6,322 crore will be made over a period of five years. The scheme will serve the purpose of boosting the production of high-grade specialty steel in the country. It will also be used to cover coated or plated steel products as well as high-strength or wear-resistant steel, specialty rails, alloy products, steel wires and even electrical steel.
Apart from boosting production, the government aims to use this scheme to lead to enhanced exports and minimising dependence on imports for high-end steel. The scheme is expected to bring in investment of approximately 40,000 crores and capacity addition of 25 Metric tonnes, the cabinet said in a statement. The duration of the scheme will be five years commencing from 2023-24 to 2027- 28.
Approval of Ladakh Central University
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On a separate note, the Union Cabinet also approved the establishment of the Central University of Ladakh. This comes at a budget of Rs 750 crore. The government aims to address regional imbalances at the higher educational level and promote overall growth and development in the Union Territory.
To aid in the facilitation of these endeavours, the government is also putting into place an integrated multi-purpose corporation in Ladakh. This corporation will serve the function of aiding infrastructure cooperation in Ladakh. It will also act as the primary construction agency in the Union Territory.