Why in news?
The Union Cabinet recently approved the Production Linked Incentive (PLI) Scheme for specialty steel with an outlay of Rs 6,322-crore.
What is the PLI scheme?
Manufacturing as a share of India’s GDP fell to 15.6% in FY20 and stayed there in FY21, down from the high of 16.8% in FY18.
How is the performance so far?
What is the recent PLI scheme for speciality steel?
‘Specialty steel’ is a downstream, value-added product of steel manufacturing process. However, there is no universal definition of ‘specialty steel’.
What is the rationale?
India is one of the largest steel producers in the world, with production numbers of 102 million tonnes in FY21.
Expected outcome
What lies ahead?
Source: Business Line, Financial Express, PIB