The Union Cabinet on Thursday approved ₹6,322 crore production-linked scheme for specialty steel to promote Prime Minister Narendra Modi’s made-in-India campaign and reduce the dependence on import of steel to fulfil the country’s needs.

Briefing the media here, the Information and Broadcasting Minister Anurag Thakur said this key decision would help create more than 5,25,000 jobs in India and attract investment to the tune of ₹39,625 crore. Under this scheme, around 2.5 lakh crore worth of steel can be manufactured over five years.

“It will cut down the import burden. There is a cap as the investment is concerned. Per group it is capped at ₹200 crore. So, any company won’t get the incentive of more than ₹200 crore per year,” Thakur said.

He added that it is a demand-driven scheme, and it will fulfil the country’s need for steel and create export opportunities. There are five categories of this specialty steel which are quote plated steel product - used in AC, fridge, solar energy structure etc; high strength/wear-resistant product - construction equipment, armour bodies; specialty rails used in high-speed rails; alloy steel wires- used in crankshaft walls; tyre tracks and electrical steel used in transformers or electric motors.

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