Govt to launch another PLI scheme for speciality steel: Steel Secy

The government is working on another round of the PLI scheme for speciality steel as the response for the first round of the initiative did not meet expectations, according to Steel Secretary Sandeep Poundrik.

The top ministry official made the remarks at CII Steel Summit 2024 in the national capital on Friday.

In his address, Poundrik said speciality steel is still one area where more is needed to be done. The government brought a PLI to incentivise speciality steel but the offtake was not as expected.

"So we are bringing another round of PLI so that we can get more interest in the speciality steel business," he said.

Later speaking to PTI, the secretary said the government had launched the ₹6,400 crore PLI scheme for speciality steel, out of which only ₹2,600 crore could be allocated.

Speciality steel is high grades used in sectors like defence, automobile, and electrical among others.