The plan has the potential to generate employment for around 5.25 lakh people, of which 68,000 will be direct jobs and the rest will be indirect jobs.
At a briefing after the cabinet meeting, which was chaired by Prime Minister Narendra Modi, the Minister of Information and Broadcasting Anurag thakur He said that the measure aims to boost national manufacturing and exports of the sector.
Under this, incentives worth Rs 6,322 crore will be provided over a five-year period from 2023-24 to 2027-28 for local manufacturing of the product.
The plan is expected to generate an investment of approximately Rs 40 billion and an additional capacity of 25 tonnes.
In addition, it also proposes to incentivize eligible manufacturers by paying between a 4% and 12% incentive in incremental production.
“Any company registered in India that is engaged in the manufacture of the identified grades of ‘special steels’ will be eligible to participate in the program. However, they will need to ensure that the steel used to make specialty steels is melted and poured into the country”. thus ensuring end-to-end manufacturing taking into account that of Prime Minister Atmanirbhar Bharat, “the Center said in an official statement.
The scheme will cover clad / plated steel products; high strength / wear resistant steel; special rails; alloy steel products, steel wires and electrical steel.