Union Minister for Steel and Heavy Industries H D Kumaraswamy will launch ‘PLI scheme 1.1’ for the steel industry on Monday at an event in New Delhi.
India's steel exports (photo:IANS)
Union Minister for Steel and Heavy Industries H D Kumaraswamy will launch ‘PLI scheme 1.1’ for the steel industry on Monday at an event in New Delhi.
The minister will also call for applications during an event scheduled to be held at Hall no 1, Vigyan Bhavan, Maulana Azad Road, New Delhi. As per the government data, as of November 2024, companies have already invested ₹18,300 crore and generated over 8,660 in employment. Steel Ministry’s PLI has attracted a commitment in investment of ₹27,106 crore, direct employment of 14,760 and estimated production of 7.90 million tonnes of ‘Specialty Steel’ identified in the scheme.
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Recently, a report by Goldman Sachs said the central government’s Production-Linked Incentive (PLI) schemes could generate an incremental revenue of USD 459 billion over the next five to six years across more than 720 companies.
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To encourage domestic production of ‘specialty steel’ and lower imports by drawing in capital investments, the government introduced the PLI scheme for specialty steel.
The concept of Production-Linked Incentives (PLI) was conceived during the global lockdowns of 2020, emphasizing the need to boost domestic manufacturing. Initially launched for three sectors, the PLI scheme was later extended to include steel in November 2020.
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