<p>New Delhi: Union Minister of Steel and Heavy Industries H D Kumaraswamy is scheduled to unveil the second round of production-linked incentive (PLI) scheme for the steel sector on Monday.</p>.<p>The new initiative called ‘PLI scheme 1.1’ for the steel industry will be launched at an event in the national capital, the Ministry of Steel announced on Sunday.</p>.<p>The PLI scheme was conceived during the Covid-19 lockdown in 2020. Initially launched for three sectors, the PLI scheme was later extended to include steel in November 2020. The scheme has been implemented with a financial outlay of Rs 1.97 lakh crore covering 14 critical sectors.</p>.<p>The first round of the PLI scheme for the steel sector has attracted investment commitments of Rs 27,106 crore, which would create 14,760 direct jobs and would lead to production of 7.90 million tonnes of “specialty steel”.</p>.Govt clears PLI incentive of Rs 246 crore sought by Mahindra & Mahindra, Tata Motors.<p>As of November 2024, companies have already invested Rs 18,300 crore and generated over 8,660 jobs, data by the Ministry of Steel showed.</p>.<p>“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,” said an official statement.</p>.<p>The new incentive is likely to give a boost to the Indian steel industry, which has been badly affected due to volatility in raw material prices and dumping of cheap imports from China amid global push for transition to lean manufacturing processes.</p>.<p>In the first six months of 2024-25, India's imports of steel surged by 41% to 4.7 million tonnes (MnT) from 3.33 MnT recorded in the same period the year before. On the other hand, exports for the same period dipped by 36% to 2.31 MnT from 3.60 MnT, as per the latest official data.</p>.<p>Majority of the Indian companies operate at the low end of the value chain for steel manufacturing and thus the country is heavily dependent on import of speciality steel to meet the domestic demands.</p>.<p>Specialty steel is a value-added steel wherein normal finished steel is worked upon by way of coating, plating, heat treatment and so on. It is mostly used in production of equipment used in the sectors like defence, space, power, automobile and specialised capital goods.</p>
<p>New Delhi: Union Minister of Steel and Heavy Industries H D Kumaraswamy is scheduled to unveil the second round of production-linked incentive (PLI) scheme for the steel sector on Monday.</p>.<p>The new initiative called ‘PLI scheme 1.1’ for the steel industry will be launched at an event in the national capital, the Ministry of Steel announced on Sunday.</p>.<p>The PLI scheme was conceived during the Covid-19 lockdown in 2020. Initially launched for three sectors, the PLI scheme was later extended to include steel in November 2020. The scheme has been implemented with a financial outlay of Rs 1.97 lakh crore covering 14 critical sectors.</p>.<p>The first round of the PLI scheme for the steel sector has attracted investment commitments of Rs 27,106 crore, which would create 14,760 direct jobs and would lead to production of 7.90 million tonnes of “specialty steel”.</p>.Govt clears PLI incentive of Rs 246 crore sought by Mahindra & Mahindra, Tata Motors.<p>As of November 2024, companies have already invested Rs 18,300 crore and generated over 8,660 jobs, data by the Ministry of Steel showed.</p>.<p>“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,” said an official statement.</p>.<p>The new incentive is likely to give a boost to the Indian steel industry, which has been badly affected due to volatility in raw material prices and dumping of cheap imports from China amid global push for transition to lean manufacturing processes.</p>.<p>In the first six months of 2024-25, India's imports of steel surged by 41% to 4.7 million tonnes (MnT) from 3.33 MnT recorded in the same period the year before. On the other hand, exports for the same period dipped by 36% to 2.31 MnT from 3.60 MnT, as per the latest official data.</p>.<p>Majority of the Indian companies operate at the low end of the value chain for steel manufacturing and thus the country is heavily dependent on import of speciality steel to meet the domestic demands.</p>.<p>Specialty steel is a value-added steel wherein normal finished steel is worked upon by way of coating, plating, heat treatment and so on. It is mostly used in production of equipment used in the sectors like defence, space, power, automobile and specialised capital goods.</p>