New Delhi, March 25 The production-linked incentive (PLI) scheme 1.1 for specialty steel has witnessed investment commitments worth Rs 17,000 crore in the second round, according to the government.
The expansion of the scheme is expected to further enhance India’s global competitiveness in specialty steel production.
The Ministry of Steel has signed memorandums of understanding (MoUs) under the PLI Scheme 1.1 for specialty steel and according to Union Steel Minister HD Kumaraswamy, the scheme is a significant step toward achieving Prime Minister Narendra Modi’s ‘Make in India’ vision.
“The PLI scheme is a major step towards realising the Prime Minister’s vision of self-reliance. India is the second-largest producer and consumer of steel, yet we still import certain high-grade varieties. This scheme aims to bridge that gap by promoting domestic production,” the minister said.
Launched in July 2021, the PLI scheme for specialty steel covers five broad categories and 19 sub-categories.
The initiative ensures that only companies registered in India and engaged in end-to-end steel production are eligible for incentives.
The scheme has generated strong industry participation, prompting the government to introduce Round 2, allowing more companies to benefit.
To encourage investment and boost output, the government is offering incentives ranging from 3-4 per cent based on investment and production targets.
In the first round, 44 applications were submitted by 23 companies, with incentives already disbursed for one project.
“The second round has seen even greater enthusiasm, with 25 companies submitting 42 applications, committing investments worth Rs 17,000 crore,” said the minister.
Lauding the efforts of officials in the Ministry of Steel and the MECON team for fast-tracking the implementation of PLI 1.1, Kumaraswamy said, “The dedication and efficiency shown by the ministry officials and the MECON team have been instrumental in accelerating this scheme. Their efforts are crucial in ensuring the success of this initiative.”
The minister also made a strong appeal to domestic steelmakers, urging them to focus on specialty steel production.
“Domestically, we are not manufacturing specialty steel, but I personally request our steelmakers to invest in specialty steel plants. If you succeed in producing specialty steel domestically, it will boost capacity and production in the country. I urge all stakeholders to take up this challenge and contribute to our self-reliance,” he stated.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor