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Industrials
In a significant boost to India's steel industry, 35 companies have committed investments worth Rs 25,200 crore in the second round of the Production Linked Incentive (PLI) Scheme for specialty steel. This substantial investment underscores the growing importance of the steel sector in enhancing India's manufacturing capabilities and reducing dependence on imported high-grade steel varieties. The PLI Scheme is designed to promote domestic production of specialty steel, aligning with Prime Minister Narendra Modi's vision of self-reliance and "Make in India."
The PLI Scheme for specialty steel covers five primary categories:
These categories have a wide range of applications across industries such as automobiles, transformers, and white goods. The initiative ensures that only companies registered in India and engaged in end-to-end steel production are eligible for incentives. The incentives offered range from 3 to 4% based on investment and production targets, providing a compelling motive for companies to invest in specialty steel production.
Launched in July 2021, the PLI Scheme for specialty steel has witnessed strong industry participation. The expansion of the scheme into its second round, termed PLI Scheme 1.1, has seen greater enthusiasm with 25 companies submitting 42 applications and committing investments worth Rs 17,000 crore. However, recent updates indicate that the number of participating companies has risen to 35, with a total investment commitment reaching Rs 25,200 crore. This increase in participation highlights the sector's potential for growth and its strategic role in enhancing India's global competitiveness in specialty steel production.
The PLI Scheme for specialty steel is part of a broader initiative to enhance India's manufacturing capabilities across various sectors. By promoting high-grade steel production domestically, the scheme aims to reduce reliance on imports and boost national production capacities.
The PLI Schemes are being implemented across 14 key sectors, including:
As of November 2024, these schemes have generated investments of around Rs 1.61 lakh crore (USD 18.72 billion), with reported production and sales amounting to Rs 14 lakh crore (approximately USD 162.84 billion). The PLI initiatives have also significantly contributed to India's exports, surpassing Rs 5.31 lakh crore (around USD 61.76 billion), with notable contributions from sectors like Large-Scale Electronics Manufacturing and Pharmaceuticals.
A significant aspect of the PLI Schemes is the inclusion of Micro, Small, and Medium Enterprises (MSMEs). Over 176 MSMEs are benefiting from PLI incentives across various sectors, demonstrating the scheme's inclusivity and its role in boosting small-scale industries.
The commitment of Rs 25,200 crore by 35 companies in the second round of the PLI Scheme for specialty steel underscores the government's efforts to transform India's steel industry into a major player globally. This initiative not only aligns with the vision of self-reliance but also reinforces India's position as a significant producer and consumer of steel. As the scheme continues to attract investments, it is poised to bridge the gap between domestic production and demand for high-grade steel, fostering sustainable growth in the industry.
