Steel Secretary, Nagendra Nath Sinha, Anticipates ₹10,000 Crore Investment in Steel PLI in the Coming Fiscal Year

The Ministry of Steel is optimistic about a significant influx of investment, amounting to ₹10,000 crore, in specialty steel-making by companies short-listed under the Production Linked Incentive (PLI) scheme in the upcoming fiscal year. Nagendra Nath Sinha, the Union Steel Secretary, revealed that the expectation extends to a total investment of nearly ₹16,000 crore by the end of the fiscal year 2023-24.

Addressing concerns about rising imports, which are perceived as temporary, the Ministry is actively engaged in examining the issue.

In an interview with BusinessLine, Sinha discussed various aspects including the PLI scheme, collaborative efforts with the industry to mitigate the impact of Carbon Border Adjustment Mechanism (CBAM), renegotiating Free Trade Agreements (FTAs), and sustaining the momentum of steel consumption, among other pertinent topics.

HBL