₹17,000 Crore Steel Surge: PLI 2.0 Sparks Major Investment.

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.

This phase focuses on specialty steel production, with incentives ranging from 3-4% based on investment and production targets. “In the first round, 44 applications were received from 23 companies, and incentives have already been disbursed for one project. The second round has generated even greater enthusiasm,” the ministry stated.

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

Steel Minister HD Kumaraswamy credited ministry officials and the MECON team for their efforts in advancing the scheme. He encouraged domestic steelmakers to invest in specialty steel plants, highlighting the importance of self-reliance in this sector.

“Currently, India does not produce specialty steel domestically, but I urge our steelmakers to take up this challenge. Achieving this will strengthen our production capacity and global competitiveness,” he stated.

The expansion of the PLI scheme is expected to drive investment, accelerate production, and enhance India’s position in the global specialty steel market.

News by Rahul Yelligetti.