{"id":119206,"date":"2021-07-28T12:45:02","date_gmt":"2021-07-28T12:45:02","guid":{"rendered":"https:\/\/www.edristi.in\/?p=119206"},"modified":"2021-07-28T12:45:03","modified_gmt":"2021-07-28T12:45:03","slug":"production-linked-incentive-pli-scheme-for-specialty-steel","status":"publish","type":"post","link":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/production-linked-incentive-pli-scheme-for-specialty-steel\/","title":{"rendered":"Production Linked Incentive (PLI) Scheme for specialty steel"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Question: Consider the following statements:<br>(1) Union Cabinet has approved the Production Linked Incentive (PLI) Scheme for specialty steel in July 2021.<br>(2) The scheme proposes to incentivize by 4% to 12% on the specialty steel incremental production.<br>Of the above correct statement\/s is\/are:<\/strong><br>(a) Only (1)<br>(b) Only (2)<br>(c) Both (1) &amp; (2)<br>(d) None of the above<br><strong>Answer: (c)<br>Context:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>On 22 July 2021, Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the Production Linked Incentive (PLI) Scheme for specialty steel.<\/li><li>The move will boost the domestic exports and manufacturing from this sector.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Specialty steel:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Specialty steel is value added steel wherein normal finished steel is worked upon by way of coating, plating, heat treatment, etc to convert it into high value added steel.<\/li><li>These value added steel can be used in various strategic applications like Defence, Space, Power, apart from automobile sector, specialized capital goods etc.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Categories of Speciality Steel under scheme:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The five categories of specialty steel which have been chosen in the PLI Scheme are:<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">(1) Coated\/Plated Steel Products<br>(2) High Strength\/Wear resistant Steel<br>(3) Specialty Rails<br>(4) Alloy Steel Products and Steel wires<br>(5) Electrical Steel<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Benefits of the scheme:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The scheme proposes to incentivise all the eligible manufacturers in the country by paying in the range of 4% to 12% incentive on the incremental production.<\/li><li>Any Indian registered company who are engaged in manufacturing of specialty steel grades will be eligible to participate in the PLI scheme.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reason behind:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Speciality steel has been chosen as the target segment because out of the production of 102 million tonnes steel in India in 2020-21, only18 million tonnes value added steel\/speciality steel was produced in the country.<\/li><li>Apart from this out of 6.7 million tonnes of imports in the same year, approx. 4 million tonnes import was of specialty steel alone resulting in FOREX outgo of Approx. Rs. 30,000 crores.<\/li><li>By becoming Aatmanirbhar in producing speciality steel, India will move up the steel value chain and come at par with advanced steel making countries like Korea and Japan.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Duration and Budgetary outlay:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The duration of the scheme will be five years, from 2023-24 to 2027-28.<\/li><li>With a budgetary outlay of \u20b96322 crores, the scheme is expected to bring in investment of approximately \u20b940,000 crores and capacity addition of 25 MT for speciality steel.<\/li><li>The scheme will give employment to about 5,25,000 people of which 68,000 will be direct employment.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Target:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It is expected that the speciality steel production will become 42 million tonnes by the end of 2026-27.<\/li><li>This will ensure that approximately 2.5 lakh crores worth of speciality steel will be produced and consumed in the country which would otherwise have been imported.<\/li><li>Similarly, the export of specialty steel will become around 5.5 million tonnes as against the current 1.7 million tonnes of specialty steel getting FOREX of Rs 33,000 crore.<\/li><\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><strong>By-Amar Mani Upadhyay<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Links:<\/strong><br><a href=\"https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=1737722\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=1737722<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Question: Consider the following statements:(1) Union Cabinet has approved the Production Linked Incentive (PLI) Scheme for specialty steel in July 2021.(2) The scheme proposes to incentivize by 4% to 12% on the specialty steel incremental production.Of the above correct statement\/s is\/are:(a) Only (1)(b) Only (2)(c) Both (1) &amp; (2)(d) None of the aboveAnswer: (c)Context: On [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":119207,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1121],"tags":[2344],"class_list":["post-119206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nnews","tag-national"],"_links":{"self":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/119206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/comments?post=119206"}],"version-history":[{"count":1,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/119206\/revisions"}],"predecessor-version":[{"id":119208,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/119206\/revisions\/119208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/media\/119207"}],"wp:attachment":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/media?parent=119206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/categories?post=119206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/tags?post=119206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}