Centre Plans New PLI Scheme for Speciality Steel Sector

New Delhi: In a move to promote steel industry, the government is planning yet another round of the production-linked incentive or PLI scheme for speciality steel manufacturers in the country. The move comes at a time when government realises that the response for the first round of the initiative did not meet expectations, a top official in the steel ministry said on Friday.

Speciality steel is high grades used in sectors like defence, automobile, and electrical among others. Addressing the CII Steel Summit 2024 in the national capital, steel secretary Sandeep Poundrik said that speciality steel is still one area where more is needed to be done.

"The government brought a PLI to incentivise specialities steel but the offtake was not as expected.

So we are bringing another round of PLI so that we can get more interest in the speciality steel business,” he said.

The secretary further said that the government had launched Rs 6,400 crore PLI Scheme for speciality steel, out of that only Rs 2,600 crore could be allocated.