35 Firms Commit to Boost India’s Specialty Steel Manufacturing

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35 Firms Commit to Boost India’s Specialty Steel Manufacturing

Business 24 Mar 2025 10:38 AM IST Economic Times

✅ ₹25,200 Cr investment pledged under PLI’s second round.
✅ 35 firms to enhance specialty steel production.
✅ Scheme to boost exports, jobs, and domestic steel growth.

The Indian government announced that 35 companies have pledged an investment of ₹25,200 crore under the second round of the Production-Linked Incentive (PLI) scheme for specialty steel. This initiative aims to boost domestic manufacturing, reduce imports, and strengthen India's position in the global steel market.

Key Highlights

35 firms have committed to expanding production under the PLI scheme.
The investment focuses on high-grade and value-added steel production.
The scheme is expected to create employment opportunities and enhance India's steel export potential.

Government's Vision

Reduce import dependency on specialty steel.
Strengthen domestic steel manufacturing and innovation.
Support India’s ambition to become a global steel powerhouse.

The PLI scheme is set to drive self-reliance in the steel sector, ensuring higher efficiency and competitiveness in the international market.

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