The ministry of commerce and industry announced that thirty-five companies have pledged ₹25,200 crore in investments under the second phase of the Production Linked Incentive (PLI) scheme for specialty steel industry. The ministry of steel is finalizing their selection and signing memorandums of understanding (MoUs) to move the initiative forward.
Incentives to Drive Growth
The government has allocated ₹3,600 crore in incentives for the specialty steel industry. Of this, ₹2,000 crore is expected to be disbursed by the end of the initiative, encouraging faster growth and production.
PLI Scheme’s Wider Impact
The government has approved 764 applications across fourteen major sectors under the PLI scheme. The initiative has already benefited 176 MSMEs in industries such as bulk pharmaceuticals, medical devices, telecommunications, and textiles.
Massive Investment and Export Growth
With a total planned investment of ₹1.61 lakh crore, the PLI scheme aims to strengthen India’s manufacturing and export capabilities. As reported by manufacturingtodayindia.com, large-scale electronics, pharmaceuticals, food processing, and telecom have significantly contributed to PLI-driven exports, which have surpassed ₹5.31 lakh crore.
Incentives Across Key Sectors
The government has disbursed ₹14,020 crore in incentives across 10 critical sectors, including drones, automobiles, and IT hardware. This financial support is accelerating innovation and strengthening India’s position as a global manufacturing hub.
