The government is hoping to see an investment of Rs 15,900 crore under the PLI scheme for specialty steel against an investment commitment of Rs 21,000 crore in FY24, the steel ministry said in a statement.
In November, the index of eight core industries was 7.9%.
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The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
The Centre has restored the status quo as was prevailing prior to May 22 and withdrawn the export duty on iron ore lumps and fines below 58 Fe content, iron ore pellets, and the specified steel products, including pig iron.
They will also spend a total of about ¥340 billion to acquire power generation and transmission facilities within the mills — which are essential for steel production — from local companies as well as three port facilities in India.
The CM said it is a proud moment for Punjab and the state government will extend fulsome support and cooperation to the Tata group for setting up the plant in the state.
The sector will transform India from developing to a developed country, said Union Minister of State for Steel and Rural Development Faggan Singh Kulaste.
Inaugurating the mobile cold mixer cum paver machine and the patch fill machine for pothole repairs, he emphasised that proven technology, economic viability, availability of raw material and effective marketing were necessary for successful completion of projects.
At a virtual award ceremony organized by the Institute of Directors (IOD), India recently, Rajarshi Palit, Senior General Manager (Commercial), TSML received the award on behalf of the company, in the presence of its Managing Director Pankaj Satija, other officials of the company and dignitaries.
