Forging the Future: India’s ₹11,887 Crore Leap into Specialty Steel

On February 9, 2026, the Ministry of Steel signed memorandums of understanding (MoUs) with 55 companies covering 85 projects under the third round of the Production-Linked Incentive (PLI) Scheme 1.2 for specialty steel at Vigyan Bhawan, New Delhi.

The initiative, aimed at strengthening India’s manufacturing ecosystem, aligns with the government’s Make in India vision. Under this round, participating companies have committed investments of ₹11,887 crore and a planned production capacity of 8.7 million tonnes in steel and alloy manufacturing. Steel Minister H.D. Kumaraswamy stated that the scheme would help reduce import dependence, conserve foreign exchange, and establish India as a reliable global supplier of high-value specialty steel.

Earlier, PLI Scheme 1.0, launched in 2021, attracted investments of ₹27,106 crore and created 7.9 million tonnes of production capacity. Building on this momentum, the Ministry of Steel aims to drive sustained growth and global competitiveness in India’s specialty steel sector.

News by Rahul Yelligetti.