Cabinet Approves Rs 11,440 Crore Revival Package for RINL

India's federal cabinet has approved a substantial revival package of ₹11,440 crore (approximately $1.32 billion) for the struggling steel producer Rashtriya Ispat Nigam Ltd (RINL). The plan includes an equity capital infusion of ₹10,300 crore and the conversion of ₹1,140 crore in working capital loans into preference shares, aiming to resolve longstanding operational issues and restore production capacity. RINL expects to revive its two blast furnaces within six months, with a third planned by August 2025, significantly enhancing its steel output. Union Minister Ashwini Vaishnaw highlighted the importance of this initiative for India's steel industry and its role in the Aatmanirbhar Bharat (self-reliant India) vision. The revival is anticipated to safeguard about 30,000 jobs, including those of contractual workers. This financial support marks a notable commitment from the government to stabilize a vital sector in the national economy.