File picture of Union Minister Of Steel and Heavy Industries H.D. Kumaraswamy.
| Photo Credit: The Hindu

The Union government is set to launch another round of production-linked incentive (PLI) scheme for the steel sector, Union Ministry of Steel said in a statement on Sunday (January 5, 2025).

Union Minister of Steel and Heavy Industries H.D. Kumaraswamy will launch the ‘PLI scheme 1.1’ on Monday (January 6, 2024), the statement said .

“Union Minister of Steel and Heavy Industries…will launch ‘PLI scheme 1.1’ for the steel industry and call for applications…on January 6,” the Steel Ministry said in a statement.

The Centre had earlier introduced the PLI scheme to encourage domestic production of specialty steel and lower imports by drawing in capital investments.

Initially launched for three sectors to address the need to boost domestic manufacturing during COVID-19 lockdown, the PLI scheme was later extended to include steel in November 2020.

The scheme has attracted investments worth ₹27,106 crore, envisaging creation of 14,760 direct employment opportunities with an estimated production of 7.90 million tonnes of specialty steel.

As of November 2024, companies have already invested ₹18,300 crore and generated over 8,660 employment opportunities.

The Union government has been interacting regularly with the participating companies and based on feedback, it was felt that there was a scope to notify the scheme again to attract more participation, the Ministry statement said.