The Indian government will launch a new round of the production-linked incentive (PLI) scheme for the steel sector. Steel Minister H D Kumaraswamy will announce the ‘PLI Scheme 1.1’ and invite applications on January 6, according to a statement from the steel ministry.
Originally introduced to boost domestic production of specialty steel and reduce imports, the scheme has already attracted investments worth INR 27,106 crore (USD 3.16 bln), created 14,760 direct jobs and targeted 7.90 mln tons of production. As of November 2024, companies have invested INR 18,300 crore (USD 2.13 bln), generating over 8,660 jobs.
The government plans to relaunch the scheme to encourage further participation, as the initial response did not meet expectations. The PLI concept was introduced during the 2020 global lockdowns to enhance domestic manufacturing and was extended to the steel sector in November 2020.
1 USD / 85.7 INR
