The Business Bytes
TBB BUREAU
NEW DELHI, SEPT 24, 2021
Emphasising that the newly inducted Product Linked Incentive (PLI) scheme on Speciality Steel will improve the production capacity to 60 MTPA from 18 MTPA, Odisha State Industries Department Principal Secretary Hemant Sharma on Friday invited various steel companies to set up their units in Odisha to produce Speciality Steel.
Speaking at a webinar on “Production Linked Incentive (PLI) Scheme for Speciality Steel Industry of Odisha” jointly organised by industry body FICCI and IPICOL, Sharma highlighted the strategic importance of Odisha for the steelmakers such as the abundance of mineral and human resources, high quality industrial and logistic infrastructure, advanced policy framework and most importantly the stable governance.
The Union Cabinet has approved a Rs. 6,322 crore production-linked incentive (PLI) scheme for speciality steel that is expected to attract investments of around Rs. 40,000 crore and Odisha being a leader in the steel sector will further extend the necessary help to the downstream industries to multi-fold the production.
In the webinar attended by the leading steelmakers across India, IPICOL Managing Director Bhupendra Singh Poonia said that the Odisha Government is doing reforms and taking proper measures to make the state more industry-friendly and has also invited all the companies to visit and explore the investment opportunities in Odisha.
A presentation on the PLI scheme and the advantages of Odisha for the downstream industry was also given to the potential investors.
Odisha has been consistently adding steel manufacturing capacity, which has gone up from 2 MT in the year 2000 to 20 MT in the year 2020. Several steel and downstream industries are already in various stages of implementation. With the new opportunities in the downstream sector, the state will soon achieve the Chief Minister’s Vision 2030 of making Odisha, the “Steel Hub of India”.
