"35 Steel Giants, ₹25,200 Crore: PLI Scheme's Second Wave Hits Big"

Around 35 companies have shown interest in the second round of the Production Linked Incentive (PLI) scheme for specialty steel, committing investments worth ₹25,200 crore, according to the Ministry of Commerce and Industry.

The Ministry of Steel is in the process of finalizing selections and signing MoUs with these companies. The scheme has allocated approximately ₹3,600 crore in incentives for these projects, with ₹2,000 crore expected to be disbursed by its conclusion.

Overall, the Centre has approved 764 applications across 14 key sectors under the PLI scheme, benefiting 176 MSMEs in industries such as bulk drugs, medical devices, telecom, and textiles. The initiative aims to boost India's manufacturing and exports, with total reported investments reaching ₹1.61 lakh crore (USD 18.72 billion) as of November 2024.

PLI-driven exports have exceeded ₹5.31 lakh crore (USD 61.76 billion), largely fueled by large-scale electronics manufacturing, pharmaceuticals, food processing, and telecom. So far, ₹14,020 crore in incentives has been distributed across 10 key sectors, including IT hardware, automobiles, and drones.

News by Rahul Yelligetti.