The Government of India has started a new Production-Linked Incentive (PLI) Scheme 1.2 for specialty steel. At the same time, it signed agreements (MoUs) with many industry partners. This step supports Prime Minister Narendra Modi’s vision to make India self-reliant, reduce imports, and strengthen domestic manufacturing.
Under this scheme, 55 companies have sent 85 applications. Together, they plan to invest ₹13,203 crore. These investments will help create 8.7 million tonnes of new specialty steel production capacity by the financial year 2031. This will make India stronger in the global steel market.
Specialty steel is used in cars, defense, construction, and engineering. It is very important for high-value manufacturing. By producing more specialty steel in India, the country can reduce imports and become a competitive supplier worldwide.
The scheme will support the “Make in India” vision. It will bring innovation, skill development, and advanced technology into the steel sector. The signed MoUs will help projects move faster and bring in expertise and investment.
Officials said the scheme will not only improve the steel industry but also help related industries like machinery, auto parts, and construction materials. This will create jobs and support economic growth.
With this initiative, India is moving towards becoming a global hub for specialty steel. It shows the country’s commitment to sustainable growth, modern industry, and self-reliance. The PLI Scheme 1.2 is expected to make India stronger in steel production and benefit many industries in the future.
