New Delhi, November 4 (IANS). According to the official information given by the Steel Ministry on Tuesday, Union Steel and Heavy Industries Minister H.D. Kumaraswamy launches the third phase of PLI scheme for specialty steel.
According to the ministry, the PLI scheme has so far generated investment of Rs 43,874 crore, 30,760 direct employment and production of about 14.3 million tonnes of specialty steel. Till September this year, the companies participating in the first two rounds have invested Rs 22,973 crore and created 13,284 employment opportunities.
6 main features of the third phase of PLI scheme have been explained by the Ministry of Steel.
According to the official statement, applications for PLI 1.2 will be invited through the online portal for 30 days from the launch date.
Companies registered in India engaged in end-to-end manufacturing of notified products will be eligible to apply.
The third round of the scheme covers 22 product sub-categories in five broad target segments including Strategic Steel Grades, Commercial Grades (Category 1 & 2), Coated/Wire Products.
Incentives will range from 4 to 15 percent of incremental sales, depending on the product sub-category and year of production.
The benefits will be available for a maximum of five years from FY 2026, with incentives disbursed from FY 27.
To reflect current trends, the base year of price has been revised from 2019-20 to 2024-25.
According to the ministry, the PLI scheme for specialty steel was approved by the Cabinet in July 2021. This is an important initiative under the Self-reliant India vision with the objective of establishing India as a global hub in steel production. The third round of PLI scheme is expected to attract new investments in emerging and advanced steel products. Emerging and advanced steel products include super alloys, CRGO, stainless steel long and flat products, titanium alloys and coated steels.
–IANS
SKT/