Steel PLI 1.1 Attracts 42 Applications from 25 Firms, ₹17,000 Cr Investment Pledged.

The Steel Ministry’s second round of the Production-Linked Incentive (PLI) scheme has attracted 42 applications from 25 companies, committing a total investment of ₹17,000 crore.

The latest phase of the scheme focuses on specialty steel production, with the government offering incentives ranging from 3-4% based on investment and production targets. “In the first round, 44 applications were submitted by 23 companies, and incentives have already been disbursed for one project. The second round has seen even greater enthusiasm,” the ministry said in a statement.

Under the first phase, 42 Memorandums of Understanding (MoUs) were signed. The scheme aims to reduce India’s dependency on steel imports and strengthen its position as a global hub for high-quality steel manufacturing.

Steel Minister HD Kumaraswamy credited ministry officials and the MECON team for driving the scheme forward. He urged domestic steelmakers to invest in specialty steel plants, emphasizing the importance of self-reliance in this segment.

“Currently, we do not manufacture specialty steel domestically, but I encourage our steelmakers to take up this challenge. Achieving this will enhance India’s production capacity and competitiveness,” he stated.

The expansion of the PLI scheme is expected to boost investment, accelerate production, and enhance India’s global standing in the specialty steel sector.

HBL