New PLI Scheme for Steel Sector
The government launched a new Production-Linked Incentive (PLI) scheme for the steel sector to enhance specialty steel production and reduce imports. The earlier phase attracted ₹27,106 crore in investments and created 14,760 direct jobs. The new initiative, termed “PLI Scheme 1.1,” expands the range of eligible products and reopens applications for broader industry participation. Covering high-grade steel products for sectors like defence and automotive, the scheme targets a 5,25,000 job creation goal with an outlay of ₹6,322 crore. Expected to run until 2030-31, the scheme underlines India’s commitment to fostering domestic manufacturing and reducing import dependency.
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