FinMin allocates Rs 318 crore for PLI scheme for specialty steel
The PLI scheme for specialty steel aims to promote the manufacturing of value-added steel grades in the country and help the Indian steel sector mature in terms of technology as well as move up the value chain.
FinMin allocates Rs 318 crore for PLI scheme for specialty steel
Finance Minister Nirmala Sitharaman presenting her eighth consecutive Union Budget on Saturday, February 1 has allocated Rs 318 crore to the production-linked incentive (PLI) scheme for specialty steel. It was approved by the Government of India in 2021 with a financial outlay of Rs 6,322 crore.
The PLI scheme for specialty steel aims to promote the manufacturing of value-added steel grades in the country and help the Indian steel sector mature in terms of technology as well as move up the value chain.
This also reduces imports of certain grades and paves the way for Atma Nirbhar Bharat. In January 2025, Union Minister of Steel and Heavy Industries HD Kumaraswamy launched the second round of the PLI scheme for specialty steel, which is termed PLI Scheme 1.1.
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The new scheme is similar to the existing Production-Linked Incentive (PLI) scheme and allows for increased participation following requests from industry participants for more flexibility from the government. It reflects the government's commitment to enhancing domestic production, fostering innovation, and reducing imports.
PLI Scheme 1.1 encompasses five product categories that align with the existing scheme: coated/plated steel products, high-strength/wear-resistant steel, specialty rails, alloy steel products, and steel wires, including electrical steel.
These products have various applications in sectors such as white goods, transformers, automobiles, and other specialized areas.
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