The Ministry of Steel has launched the revised Production-Linked Incentive (PLI) scheme, referred to as “PLI Scheme 1.1,” on January 6, 2025, in New Delhi. The application window for the scheme is now open.
The initiative, aimed at enhancing domestic manufacturing in the steel sector, follows the earlier PLI scheme introduced in November 2020. According to a press release from the Steel Ministry, the original scheme garnered investment commitments totaling ₹27,106 crore, the creation of 14,760 direct jobs, and an estimated production capacity of 7.90 million tonnes of specialty steel.
As of November 2024, participating companies had already invested ₹18,300 crore and created 8,660 direct jobs. Based on industry feedback, the government decided to revise and relaunch the scheme to encourage broader participation.
The scheme’s revised version seeks to build on its predecessor’s progress and further incentivize the production of specialty steel in India. Details about the new features of the scheme and application requirements were outlined during the launch event held at Vigyan Bhavan.
This effort aligns with broader initiatives to bolster domestic manufacturing and reduce dependency on imports. Interested stakeholders are encouraged to review the updated terms and submit their applications within the stipulated timeframe.