New Delhi: Union Minister of Steel and Heavy Industries, HD Kumaraswamy, launched the second round of PLI scheme for Specialty Steel, termed as PLI Scheme 1.1. The PLI scheme 1.1 shall be implemented during the production period of FY 2025-26 to FY 2029-30.
PLI Scheme 1.1 covers five (5) product categories in line with the existing PLI Scheme, namely Coated / Plated Steel Products, High Strength / Wear resistant Steel, Specialty Rails, Alloy Steel Products & Steel wires and Electrical Steel. These products have a wide range of application, from white goods to transformers to Automobiles and other niche sectors. The scheme will operate within the funds originally allocated for the scheme, i.e., Rs.6,322 crore.
Kumaraswamy said, Ministry of Steel has come out with PLI scheme 1.1 for specialty Steel for five product categories which is the same as the existing PLI Scheme to enable further participation as industry participants requested the ministry for relaxation. ‘PLI Scheme 1.1’ will remain open from January 6th to January 31st, 2025.
He expressed hope that the industry will participate actively to invest and strengthen Brand India, reduce imports, and position India as a global steel powerhouse. The changes made in PLI scheme for specialty steel reflect the government’s commitment to strengthening domestic production, fostering innovation, and reducing imports.
Sandeep Poundrik, Secretary, Ministry of Steel, mentioned that there were no participants in 8 sub-categories in the previous round and hoped there would be wider participation this time. Certain changes have been incorporated with industry consultation to make the scheme more investor friendly, which includes reduction in threshold investment & capacity for the CRGO product sub-categories, allowing carry forward of excess production to the immediately following year for the purpose of claiming incentive and reduction in threshold investment under capacity augmentation mode.
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