Steel Industry's Rs 17,581 Crore Boost: Inside India's PLI Scheme

The Indian government's Production-Linked Incentive (PLI) scheme has attracted investments worth Rs 17,581 crore from companies for specialty steel production. This initiative aims to bolster domestic manufacturing and reduce imports while addressing investment-related challenges. The steel ministry collaborates with stakeholders to expedite project clearances and tackle unforeseen issues.

The Indian government's ambitious Production-Linked Incentive (PLI) scheme for specialty steel has drawn significant industry investment, totaling Rs 17,581 crore as of October 2024. The program is designed to boost domestic production while cutting down on steel imports.

According to a statement by the steel ministry, these investments have not only generated employment for over 8,660 individuals but also paved the way for future commitments of Rs 27,106 crore, with an expected production rate of 7.90 million tonnes.

The ministry acknowledges the hurdles faced by steel companies due to long gestation periods and various delays, including geopolitical and market changes. Efforts are being made, in collaboration with other government departments, to streamline clearances and enhance stakeholder communication.

(With inputs from agencies.)