For speciality steel, the government intends to launch PLI 2.0: Jyortiraditya Scindia

According to Union Minister of Steel Jyortiraditya Scindia, the government intends to launch the second iteration of the PLI scheme for speciality steel in order to increase the nation's output of value-added steel.

According to Union Minister of Steel Jyortiraditya Scindia, the government intends to launch the second iteration of the PLI scheme for speciality steel in order to increase the nation's output of value-added steel on Friday.

Speaking at the national capital's PLI Scheme for Specialty Steel Memorandum of Understanding signing ceremony was the minister. The companies that were chosen to invest under the Rs 6,322-crore scheme were present.

"This day is significant for the steel industry's past, present, and future. PLI 1.0 marks the start of the journey rather than its conclusion. "Our ministry has already begun to examine PLI 2.0," he said, referring to the initial PLI for specialty steel.
The minister also requested input and suggestions from industry participants so that the next PLI Scheme for speciality steel could be developed as soon as possible.

A total of 27 steel companies signed 57 memorandum of agreements (MoUs) with the Ministry of Steel during the event in order to produce electrical steel, specialty rails, alloy steel products, coated/plated steel products and high strength/wear-resistant steel.

As a result, the domestic steel industry will receive an additional investment of Rs 30,000 crore, increasing capacity by 25 million tonnes annually and generating 55,000 new job opportunities.

According to Faggan Singh Kulaste, Minister of State (MoS) for Steel, the programme has drawn a lot of interest and will change the steel industry "game."