The government is working on launching another PLI scheme for the specialty steel sector. This information has been given by Steel Secretary Sandeep Pundarik. The next round is being considered because the response to the first round was not as per expectations. The Steel Secretary said this at the CII Steel Summit 2024. In his address, he said that specialty steel is an area where a lot more needs to be done. He said that the government brought the PLI scheme for the sector but it did not work as expected. Therefore, we are bringing another round to give impetus to this business.

At the same time, the secretary said that the government had announced a PLI scheme of Rs 6400 crore for specialty steel. But only Rs 2600 crore could be allocated. The first round of PLI scheme was launched in November 2020 and the amount is to be spent in 5 years. What is PLI scheme PLI i.e. Production Linked Incentive Scheme has been started to promote manufacturing in the country. Companies have to invest on their own to increase manufacturing capacity. This incentive scheme was started in March 2020 to help companies increase their investment in the country. The incentive is calculated as a percentage of increase in sales, increase in value addition, or increase in sales value after investment. What is specialty steel Specialty steel is a value-added steel where a normal steel is made better by coating, plating or heat treatment, or other similar methods. This type of steel is for special purposes and is used for defense, space, power, and automobiles.