The Ministry of Steel has achieved a major milestone by signing Memorandums of Understanding (MoUs) for the Production-Linked Incentive (PLI) Scheme 1.1, aimed at promoting specialty steel production. Union Steel Minister H.D. Kumaraswamy highlighted that this initiative aligns with Prime Minister Narendra Modi’s “Make in India” vision, marking a significant leap forward in the country’s industrial growth.
Launched in July 2021, the PLI scheme for specialty steel spans five categories and 19 sub-categories, with incentives available only to companies engaged in end-to-end steel production and registered in India. The scheme has received strong industry support, leading to the introduction of a second round to expand its reach.
The government is offering incentives between 3-4 per cent based on investment and production milestones. In the first round, 23 companies submitted 44 applications, and one project has already received disbursements. The second round has seen even greater enthusiasm, with 25 companies submitting 42 applications and committing investments worth Rs 17,000 crore.
This expansion of the PLI scheme is expected to strengthen India’s global position in specialty steel manufacturing, reduce reliance on imports, and further the country’s ambitions to become a global hub for high-quality steel. The minister also thanked Prime Minister Modi for his leadership and congratulated the companies that signed MoUs under the scheme.
The event was attended by key officials including Secretary for Steel Shri Sandeep Poundrik, Joint Secretary Shri Abhijit Narendra, MD of MECON Mr. SK Verma, and other ministry representatives.
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