PLI Scheme 1.1 for Specialty Steel Industry

On 6th January 2025, Union Minister of Steel and Heavy Industries launched the PLI Scheme 1.1 for the steel industry in New Delhi, aimed at boosting India’s specialty steel sector and reducing imports in alignment with the Atmanirbhar Bharat vision.

Key Points

Focus on Specialty Steel: The scheme targets five key categories—Coated/Plated Steel, High Strength/Wear Resistant Steel, Specialty Rails, Alloy Steel Products, and Steel Wires & Electrical Steel.
Investor-Friendly Approach: The government aims to make the scheme more attractive to investors, with incentives designed to foster growth in the domestic steel sector.
Investment and Employment: The scheme is expected to generate Rs. 27,106 crore in investments, create 14,760 jobs, and produce 7.9 million tonnes of specialty steel.
Current Progress: As of November 2024, companies have already invested Rs. 18,300 crore and created over 8,660 jobs.
Application Window: The application for participation is open until 31st January 2025.
Feedback-Driven Revisions: The scheme has been relaunched based on feedback from participating companies to attract more participation and enhance sectoral growth.