ZEE BIZ EXCLUSIVE: Modi government puts PLI scheme on hold for steel sector; KNOW WHY; also know how major steel stocks Tata Steel, SAIL performed

A big news for the steel sector is now emerging and Zee Business’ Chetan Bhutani tells about the complete action in this EXCLUSIVE report. There has been a lot of buzz around the Production Linked Incentive (PLI) Schemes of the government including the one related to the steel sector.  

Bhutani said that the government has for now put the PLI scheme on hold. This is because of the view that the industry was earning good profits. The view has been taken by the Department of Promotion of Industry and Internal Trade (DPIIT) which works under the aegis of the Ministry of Commerce and Industry.

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Bhutani said that the government opines that the sector does not require this scheme immediately and if there will be a requirement, going forward, the government would reconsider it.  

Bhutani broke this news citing his top sources. 

He further said that the government thinktank NITI Aayog, Ministry of Steel and Ministry of Commerce had a meeting last week, where they mulled over the timing of the PLI scheme.  

There were questions on the timing of the scheme along with the manner in which this scheme should be introduced, Bhutani said. 

He said that his sources have revealed to him that the PLI scheme has been shelved for now and may come sometime later. 

The government has no concrete proposal to get it approved from the Cabinet, Bhutani further said.  

He said that initially there was a proposal to bring a PLI scheme on manufacturing of specialty steel between 5-15 per cent. 

Zee Business Managing Editor Anil Singhvi said that it was correct to say that the steel companies were earning good profits and government’s action is in line with the current situation.