Centre launches 3rd round of PLI scheme for specialty steel

New Delhi, Nov 4 (IANS) Union Steel and Heavy Industries Minister H.D. Kumaraswamy on Tuesday launched the third round of the production-linked incentive (PLI) scheme for specialty steel, according to an official statement issued on Tuesday.

The Steel Ministry’s PLI scheme has so far attracted a commitment for investment of Rs 43,874 crore, which is expected to create direct employment for 30,760 people and an estimated production of 14.3 million tonnes of specialty steel. As of September 2025, participating companies in the first two rounds of the PLI scheme have invested Rs 22,973 crore and generated 13,284 jobs, the statement said.

The PLI Scheme for Specialty Steel, approved by the Cabinet in July 2021, is a key initiative under the Atmanirbhar Bharat vision to make India a global hub for steel production. The third round (PLI 1.2) aims to attract new investments in emerging and advanced steel products, such as super alloys, CRGO, stainless steel long and flat products, titanium alloys, and coated steels. This is expected to generate significant employment, expand high-end steel capacity, and position India as a preferred supplier in the global value chain for specialty steels, the statement said.

Applications in the third round of the PLI scheme for speciality steel are invited through the online portal https://plimos.mecon.co.in for a period of 30 days from the date of launch.

Companies registered in India which are engaged in the end-to-end manufacturing of the notified products are eligible to apply.

The third round of the PLI Scheme covers 22 product sub-categories across five broad target segments, including strategic steel grades, commercial grades (Categories 1 and 2), and coated/wire products.

The incentives will range from 4 per cent to 15 per cent of incremental sales, depending on the product sub-category and year of production. The benefits will be available for a maximum of five years starting from FY 2025–26, with incentive disbursal commencing in FY 2026–27.

The base year for prices under the scheme has been revised from 2019-20 to 2024-25 to reflect current trends, the statement added.

--IANS

sps/vd