Government Plans New PLI Scheme for Speciality Steel After Lackluster Response

The government is preparing a second round of the Production Linked Incentive (PLI) scheme for speciality steel after the initial phase failed to meet expectations. Steel Secretary Sandeep Poundrik announced the initiative at the CII Steel Summit 2024, citing insufficient interest in the original Rs 6,400 crore scheme.

The government is gearing up for a second phase of the Production Linked Incentive (PLI) scheme for speciality steel, following a lukewarm response to the initial effort, according to Steel Secretary Sandeep Poundrik.

Poundrik made the announcement at the CII Steel Summit 2024, held in the national capital. He emphasized that more needs to be done in the speciality steel sector, which includes high-grade steel used in industries such as defence, automobile, and electrical.

To attract more interest, the government had originally launched a Rs 6,400 crore PLI Scheme, but only Rs 2,600 crore could be allocated. Thus, a new round of incentives is in the works.

(With inputs from agencies.)