India's PLI Push: 25 Companies Commit to High-End Steel Production

25 companies signed 42 agreements under the PLI Scheme for speciality steel, investing Rs 17,000 crore. Launched by Union Minister HD Kumaraswamy, this initiative aims to boost domestic production of high-end steel, reducing imports and enhancing India's self-reliance in the steel industry.

In a significant move for the Indian steel industry, 25 companies have signed 42 agreements under the second round of the Production Linked Incentive (PLI) Scheme for speciality steel. This initiative is set to channel an estimated investment of Rs 17,000 crore, aiming to bolster domestic production of high-quality steel.

The second phase of the PLI Scheme was inaugurated by Union Minister of Steel and Heavy Industries, HD Kumaraswamy, earlier this year. The Ministry of Steel reported a highly enthusiastic response, with 25 companies committing substantial investments. This surge in interest underscores the scheme's potential to transform the domestic steel landscape.

Minister Kumaraswamy emphasized the scheme's strategic importance, aligning with Prime Minister Modi's vision of self-sufficiency. Despite being a global leader in steel production, India still imports certain high-grade varieties. The PLI Scheme 1.1 encompasses five product categories intended to meet domestic demand and reduce reliance on imports.

(With inputs from agencies.)