Firms committed to investing Rs 27,106 cr under PLI scheme for steel: MoS

MoS for Steel and Heavy Industries Bhupathiraju Srinivasa Varma said that steel is deregulated sector and decisions such as investment, production are based on techno-commercial considerations

Production Linked Incentive (PLI) Scheme for specialty steel was launched with the objective of attracting investment to boost the production of value-added steel in the country and participating companies committed to an investment of Rs. 27,106 crore out of which Rs.18,848 crore has been achieved till December, 2024, the government informed Parliament on Friday.

Minister of State for Steel and Heavy Industries Bhupathiraju Srinivasa Varma said in a written reply in the Rajya Sabha that steel is deregulated sector and decisions such as investment, production are based on techno-commercial considerations of the industry.

Answering another query, he said that second round of the Production Linked Incentive (PLI) scheme for specialty steel was launched on January 6, 2025, within the overall budget allocated for the scheme.

To ensure wider participation in the second round, irrespective of the company size, several steps were taken including launch of dedicated web portal for PLI scheme 1.1 and wide publicity through media.

The minister said frequent webinars were held with companies that expressed interest to participate in the scheme and there was ease of rules of participation in the scheme such as allowing 50 per cent of investment in cases where companies invest in augmentation of existing facilities to participate in the notified sub-categories.