Reinvigorating India's Steel Potential: PLI Scheme 1.1 Set for Launch

The government is launching PLI scheme 1.1 for the steel sector to boost domestic production and reduce imports. The scheme, led by Steel Minister H D Kumaraswamy, aims to generate investments and create jobs. Previous rounds saw Rs 27,106 crore investments, but further enhancements are needed.

The government is set to launch the PLI scheme 1.1 for the steel sector on Monday, aiming to boost domestic production and cut down on imports. Spearheaded by Steel Minister H D Kumaraswamy, the initiative seeks to attract further investments and create more employment opportunities.

The PLI scheme for specialty steel, initially introduced to strengthen domestic manufacturing, has already brought in investments totaling Rs 27,106 crore, creating approximately 14,760 direct jobs. Despite this, stakeholders noted room for improvement, prompting a relaunch to invite broader participation.

Originating during the pandemic-induced lockdowns, the PLI scheme has expanded beyond its initial sectors to include steel since November 2020. However, the previous installment's outcomes underwhelmed expectations, highlighting the need for more incentives to amplify the production of specialty steel.

(With inputs from agencies.)