Govt launches 3rd round of PLI scheme for speciality steel; check details

Union Minister H.D. Kumaraswamy on Tuesday launched the third round of the Production Linked Incentive (PLI) Scheme for specialty steel to attract fresh investments in advanced steel grades.

According to the Steel Ministry, the PLI scheme has so far attracted committed investments worth ₹43,874 crore, promising direct employment for 30,760 people and an estimated production of 14.3 million tonnes of specialty steel.

As of September 2025, companies participating in the first two rounds have already invested ₹22,973 crore and created 13,284 jobs.

Approved by the Union Cabinet in July 2021, the PLI scheme for specialty steel is a flagship initiative under the government’s Atmanirbhar Bharat vision to make India a global hub for steel production.

The newly launched third round focuses on emerging and high-end steel products such as super alloys, cold rolled grain-oriented (CRGO) steel, stainless steel (long and flat), titanium alloys, alloy forgings, and coated steels.

The scheme covers 22 product sub-categories spread across five target segments, including strategic and commercial-grade steel and coated or wire products.

Incentive rates under this round will range from 4% to 15% of incremental sales, depending on the product and year of production.

The incentive period will span five years, starting FY 2025–26, with disbursal scheduled to begin in FY 2026–27. The base year for price calculations has been updated from 2019–20 to 2024–25.

Companies registered in India and engaged in end-to-end manufacturing of notified products are eligible to apply.

The Steel Ministry said the third round is expected to generate significant employment, boost the country’s high-end steel manufacturing capacity, and establish India as a preferred global supplier of specialty steels.