New Delhi, Feb 9 (NationPress) The Ministry of Steel officially executed Memoranda of Understanding (MoUs) with 55 firms for 85 initiatives, totaling an investment of Rs 11,887 crore.

These initiatives aim to enhance speciality steel capacity by 8.7 million tonnes by 2030-2031, significantly bolstering India’s strength in high-end steel sectors including electrical steel, alloy and stainless steels, coated products, and grades needed for critical industries.

The MoUs were formalized at Vigyan Bhavan during the third phase of the Production-Linked Incentive (PLI) Scheme 1.2 for Specialty Steel, initiated by Minister of Steel H.D. Kumaraswamy.

During the ceremony, Kumaraswamy emphasized that PLI 1.2 represents a transformative stride towards establishing a robust and globally competitive speciality steel ecosystem, fully in line with Prime Minister Narendra Modi's vision.

The Union Minister pointed out that the scheme supports the dual national goals of Make in India and Aatmanirbhar Bharat by fostering domestic capacity development in advanced and strategic steel products.

The third round of the PLI Scheme was introduced in response to the strong demand from the industry and the necessity for ongoing capacity growth in speciality steel, crucial for sectors like automobiles, railways, defence, electrical equipment, and aerospace.

With incentive rates ranging from 4% to 15% over five years, the scheme aims to drive investment, technology enhancement, and value addition while integrating Indian manufacturers into global supply chains.

Highlighting the broader implications of the scheme, the Minister stated that “PLI 1.2 aims to bridge the structural gap by promoting domestic production, conserving foreign currency, and positioning India as a dependable global supplier of advanced steel.”

The Union Minister remarked that “The success from earlier rounds of the PLI Scheme reinforces the policy’s effectiveness. Together, PLI 1.0 and 1.1 have committed investments of Rs 43,874 crore, leading to significant progress, including capacity building and job creation. PLI 1.2 builds on this momentum, further enriching the domestic steel ecosystem and enhancing the entire value chain.”

Kumaraswamy urged participating companies to execute their projects promptly while maximizing the utilization of indigenous technologies and resources.

He reiterated the Government’s commitment to assist and promptly resolve operational challenges, emphasizing that the success of PLI 1.2 will be crucial in India’s journey towards becoming a global center for speciality steel manufacturing.