Minister of Steel and Heavy Industries HD Kumaraswamy today launched PLI scheme 1.1 for the steel industry in New Delhi.​ Addressing the gathering on the occasion, Mr Kumaraswamy highlighted that specialty steel is the backbone of India’s growth. He said rising demand for high quality steel presents a golden opportunity to reduce imports and Aatmanirbhar Bharat. He added that India is emerging as the epicentre of global steel growth.

Secretary, Steel and Heavy Industries Minister, Sandeep Pondrik emphasised that government is trying to give all incentives to the domestic steel sector. He said Ministry has tried to make PLI scheme 1.1 more investor friendly. 

AIR correspondent reports that PLI Scheme 1.1 covers five product categories in line with the existing PLI Scheme. These include Coated / Plated Steel Products, High Strength / Wear resistant Steel, Specialty Rails, Alloy Steel Products and Steel wires and Electrical Steel. The application window is live from today till 31st January.

The Steel Ministry’s PLI has attracted a commitment in investment of 27 thousand 106 crore rupees, direct employment of 14 thousand 760 people and estimated production of 7.90 million tonnes of ‘Specialty Steel’ identified in the scheme. As of November last year, companies have already invested 18 thousand 300 crores 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.