The Union Cabinet on Thursday approved Rs 6,322-crore production linked incentive scheme for specialty steel, a move aimed at boosting domestic manufacturing and exports from the sector, Information and Broadcasting Minister Anurag Thakur said.
He said that incentives worth Rs 6,322 crore will be provided over five years and it would create over 5.25 lakh jobs.
“It will boost manufacturing and help in reducing imports,” he told reporters.
The scheme will cover coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel goods, steel wires and electrical steel.