India's Steel Surge: A New Era with PLI 1.2

On Tuesday, the Indian government rolled out the third round of its Production Linked Incentive (PLI) Scheme for specialty steel. This initiative, named 'PLI 1.2,' aims to drive investment into specialty steel manufacturing, thereby boosting domestic output and reducing import reliance.

Union Steel Minister H D Kumaraswamy announced the new scheme, highlighting that the PLI scheme has already attracted investment commitments around Rs 43,874 crore in previous rounds. Approved by the Union Cabinet in July 2021, the scheme seeks to bolster the production of high-value steels used across key sectors like defense and aerospace.

Designed to position India as a global leader in high-grade steel, PLI 1.2 targets investments in cutting-edge materials, including super alloys and titanium alloys. By encouraging incremental production, the scheme reduces dependency on steel imports and strengthens India's industrial capacity.