Production Linked Incentive (PLI) Scheme for Specialty Steel was launched with an overall budget of Rs.6,322 crore in July 2021 to promote the manufacturing of 'Specialty Steel' within the country and reduce imports by attracting capital investments.
Production Linked Incentive (PLI) Scheme for Specialty Steel, approved by the Union Cabinet, was notified in the official Gazette on 29.07.2021 and detailed Scheme guidelines were published on 20.10.2021. This Scheme will attract an investment commitment of Rs. 29,530 Crore with capacity addition of 24,780 thousand tonne in five years.
The Ministry of Steel launched the second round of the Production Linked Incentive (PLI) Scheme on January 6, 2025, termed as PLI Scheme 1.1. The Ministry of Steel organized an event at Vigyan Bhawan, New Delhi, on March 24, 2025, for the formal signing of Memoranda of Understanding (MoUs) with the selected companies under PLI Scheme 1.1. A total of 42 MoUs were signed with 25 companies across various categories under PLI Scheme 1.1.
The current status of the PLI Scheme for specialty steel is as follows:
| Commitment during scheme tenure by selected companies | Actual achievement up to 28th February, 2025 |
|---|---|---|
Investment Committed (Rs. Cr) | 27,106 | 19,850 |
Production (in ‘000t) | 7,940 | 1950 |
Employment (in Nos.) | 14,760 | 9259 |