The Ministry of Steel inked MoUs for 85 speciality steel projects involving 55 companies, with a combined investment commitment of 11,887 crore, significantly bolstering India’s ambitions to emerge as a world leader in high-value steel manufacture.
The Memorandums of Understanding were inked as part of the third phase of the Production-Linked Incentive (PLI) Scheme 1.2 for speciality steel. At a ceremony in New Delhi, key government officials and industry representatives saw the formalisation of the agreements. As part of this round, participating companies have pledged to establish 8.7 million tonnes of downstream and alloy steel capacity, which will greatly enhance India’s ecosystem for speciality steel. Strategic sectors, infrastructure, engineering, automobiles, and export-orientated companies are all involved in the projects involving advanced steel grades.
The programme is in line with the larger goals of the government’s “Make in India” policy, which is to lessen reliance on foreign suppliers and establish India as a trustworthy source for high-quality steel for international markets. In their remarks, high-ranking government officials emphasised that the PLI scheme is an essential reform that will increase local production, promote technological advancement, and make India more competitive in the global steel value chain. A new era of rapid growth is dawning on India’s speciality steel industry, thanks to new investments and capacity pledges made under PLI 1.2. Maintaining export competitiveness and fostering long-term industrial growth would likely depend on the emphasis on value-added steel, sophisticated alloys, and downstream manufacturing.
