Govt launches third round of PLI scheme for speciality steel sector

The government on Tuesday launched the third round of Production Linked Incentive (PLI) Scheme for speciality steel to attract investment in the sector, as part of its objective to boost domestic output and reduce imports.

- OUR CORRESPONDENT

Union Steel Minister H D Kumaraswamy launched the third round of the PLI scheme named ‘PLI 1.2’ for speciality steel at a function held here, buoyed by the investment commitment of around Rs 44,000 crore in the first two rounds.

He informed that the PLI scheme for speciality steel was approved by the Union Cabinet in July 2021 to encourage production of high-value, high-grade steels used in sectors such as defence, aerospace, energy, automobiles, and infrastructure.

The scheme with a total outlay of Rs 6,322 crore aims to add about 26 million tonnes of speciality steel capacity over the next few years.

“So far, the PLI scheme has attracted investment commitments worth Rs 43,874 crore... and is expected to add 14.3 million tonnes of new specialty steel capacity in India,” Kumaraswamy said.