New Delhi, Jan 05: Union Minister of Steel and Heavy Industries H.D. Kumaraswamy will launch ‘PLI scheme 1.1’ for the steel industry and call for applications during an event scheduled to be held at Vigyan Bhavan in New Delhi tomorrow.
The concept of Production-Linked Incentives (PLI) was conceived during the global lockdowns of 2020, emphasizing the need to boost domestic manufacturing. Initially launched for three sectors, the PLI scheme was later extended to include steel in November 2020.
Steel Ministry’s PLI has attracted a commitment in investment of ₹27,106 crore, direct employment of 14,760 and estimated production of 7.90 million tonnes of 'Specialty Steel' identified in the scheme.
As of November 2024, companies have already invested ₹18,300 crore and generated over 8,660 in employment. 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.
