In a major move to accelerate domestic steel production, the Ministry of Steel has signed MoUs worth ₹13,203 crore with 55 companies under the PLI Scheme 1.2. These agreements are set to establish 85 new projects focused on specialty steel, adding an estimated 8.7 million tonnes of annual capacity.

The initiative marks a significant step toward strengthening India’s self-reliance in high-grade steel manufacturing, reducing dependence on imports. The focus is on producing advanced steel grades used in sectors like defence, automobiles, infrastructure, and renewable energy.

Incentives ranging from 4% to 15% will be offered over five years starting FY26, encouraging companies to invest in modern technologies and quality upgrades. The projects will also generate employment and promote skill development across multiple regions.

This strategic push aligns with national objectives like Make in India and Aatmanirbhar Bharat, positioning India as a key global player in value-added steel products. The ministry’s vision is not only to ramp up capacity but also to enhance the global competitiveness of Indian steelmakers through focused support and innovation.

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