Ministry of Steel said the second installment of the production-linked incentive (PLI) scheme for special steel has secured investment commitments to the tune of ₹17,000 crore. The scheme intends to enhance the manufacturing prowess of India in the specialty steel domain and is aimed at achieving the 'Make in India' dream of curbing import dependence.
Union Steel Minister HD Kumaraswamy highlighted the scheme's contribution to curbing imports of high-grade specialty steel and increasing domestic production. "India is the second-largest producer and consumer of steel, but we import some high-grade varieties. The PLI scheme is aimed at filling this gap and encouraging self-reliance," he said.
Initially introduced in July 2021, the PLI scheme includes five wide categories and 19 sub-categories with the provision of 3-4% incentives to India-registered steel producers. The first phase saw good industry response with 23 firms making 44 applications and one project already receiving incentive. The second phase has also seen more fervor, with 25 companies making 42 applications and announcing large investments.
Kumaraswamy also credited the initiative of the Ministry of Steel and MECON in speeding up the scheme. "Their sincerity and work ethic have played a key role in expediting this initiative," he stated. Promoting indigenous steel producers to invest in specialty steel manufacturing, he projected its ability to increase India's industrial prowess. I encourage our steel makers to open up specialty steel facilities. Doubling down on home production will not only revive the steel industry but also promote our vision for self-reliance," he further stated. With the PLI program moving in advance, the government continues to set up a favorable environment for innovation and investment in specialty steel and make India the driving force for the steel world.".
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