The Ministry of Steel, Government of India, is set to launch the third round (PLI 1.2) of the Production Linked Incentive (PLI) Scheme for Specialty Steel, a flagship initiative under the Atmanirbhar Bharat vision. The launch will be led by Union Minister for Steel and Heavy Industries H.D. Kumaraswamy, in the presence of senior officials and industry stakeholders.

Approved by the Union Cabinet in July 2021 with an outlay of Rs 63.22 billion, the PLI Scheme aims to transform India into a global manufacturing hub for high-value, advanced steel grades. The scheme incentivises incremental production, investment, and innovation across selected product categories to enhance domestic value addition and reduce import dependence in critical sectors such as defence, power, aerospace, and infrastructure.

So far, the PLI Scheme has attracted a committed investment of Rs 438.74 billion, of which Rs 229.73 billion has already been realised, resulting in the creation of over 13,000 jobs under the first two rounds.

The scheme covers 22 product sub-categories, including super alloys, cold-rolled grain-oriented (CRGO) steel, alloy forgings, stainless steel (long and flat products), titanium alloys, and coated steels.

Under PLI 1.2, incentive rates will range from 4 to 15 per cent, applicable for five years starting from FY 2025–26, with payouts beginning in FY 2026–27. The base year for pricing has been revised to FY 2024–25 to better reflect prevailing market trends.

The third round of the PLI Scheme represents another significant step in advancing India’s self-reliance in specialty steel production, encouraging technological upgradation and private sector participation in one of the nation’s most vital industrial sectors.