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The Ministry of Steel is set to roll out the third round (PLI 1.2) of the Production Linked Incentive scheme for specialty steel, advancing the government’s push to make India a global hub for high-value, advanced steel grades.
Approved in July 2021 with an overall outlay of ₹6,322 crore, the scheme rewards incremental production and investment across identified product categories, aiming to reduce import dependence in critical sectors such as defence, power, aerospace and infrastructure.
According to official data from the first two rounds, the PLI programme has attracted ₹43,874 crore in committed investments, of which ₹22,973 crore has already been deployed, and has created over 13,000 jobs. The upcoming round is expected to widen participation, accelerate commissioning timelines, and deepen domestic capabilities in premium grades, including corrosion-resistant, wear-resistant and alloy steels used by OEMs.
Industry stakeholders say the next phase could help stabilise supply chains, encourage technology upgrades, and support exports, even as the sector navigates softer global demand and rising trade barriers. Detailed guidelines and timelines for applications are expected shortly.
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