Union Minister of Steel and Heavy Industries, Shri H.D. Kumaraswamy, is set to launch the ‘PLI Scheme 1.1’ for the steel sector and open the application window during an event at Vigyan Bhavan, New Delhi, today. This initiative aims to further bolster domestic manufacturing in the steel industry, focusing on enhancing the production of ‘Specialty Steel’.
The Steel Ministry’s earlier PLI scheme had attracted investments of ₹27,106 crore, created direct employment for 14,760 individuals, and facilitated the production of 7.90 million tonnes of specialty steel. As of November 2024, ₹18,300 crore has already been invested, generating over 8,660 jobs. The relaunch of the scheme, based on feedback from industry stakeholders, aims to invite more participation and drive further growth in the sector.
The Production-Linked Incentive (PLI) scheme, originally conceptualized during the global lockdowns of 2020, was extended to the steel sector in November 2020 to encourage domestic production and reduce dependency on imports.
