Govt To Unveil PLI 1.1 For Steel Mfg Today

New Delhi: Union Minister of Steel and Heavy Industries H.D. Kumaraswamy will launch ‘PLI scheme 1.1’ for the steel industry and call for applications at an event scheduled to be held at Vigyan Bhavan in the national capital on Monday.

Launched in November 2020, the Steel Ministry’s PLI scheme has attracted a commitment in investment of Rs27,106 crore, direct employment of 14,760 and estimated production of 7.9 million tonnes of ‘Specialty Steel’ used in the aerospace, defence power and automotive sectors. As of November 2024, companies have already invested Rs18,300 crore and generated over 8,660 in employment.

“The Ministry of Steel 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,” according to an official statement issued on Sunday.

The concept of Production-Linked Incentives (PLI) was conceived during the global lockdowns of 2020, emphasising the need to boost domestic manufacturing. Initially launched for three sectors, the PLI scheme was later extended to include steel in November 2020. The Ministry of Steel is also preparing the ‘Green Steel Mission’ with an estimated cost of Rs15,000 crore for helping the steel industry to reduce carbon emissions and progress towards the Net Zero Target.