India News | MoS for Steel and Heavy Industries Highlights Benefits Under Second Round of PLI Scheme
Get latest articles and stories on India at LatestLY. Detailing the steps taken to ensure larger participation in the scheme, a statement from the Ministry of Steel read, "Launch of dedicated web portal for PLI scheme 1.1 and wide publicity through media; Frequent webinars with companies that expressed interest to participate in the scheme; Easing of rules of participation in the scheme such as allowing 50% of investment in cases where companies invest in augmentation of existing facilities to participate in the notified sub-categories."
New Delhi [India], February 7 (ANI): Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma informed the Rajya Sabha on Friday that multiple steps have been taken to ensure wider participation in the second round of Production Linked Incentive (PLI) scheme for specialty steel.
The second round of PLI schemes was launched on January 6, 2025.
Detailing the steps taken to ensure larger participation in the scheme, a statement from the Ministry of Steel read, "Launch of dedicated web portal for PLI scheme 1.1 and wide publicity through media; Frequent webinars with companies that expressed interest to participate in the scheme; Easing of rules of participation in the scheme such as allowing 50% of investment in cases where companies invest in augmentation of existing facilities to participate in the notified sub-categories."
The information was given by the Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha today.
Earlier on December 30, 2024, the Ministry of Steel mentioned that a comprehensive outlook for global strategy on steel was being formulated.
In its year-end review for 2024, the ministry says this strategy focuses on raw materials, investments, technology, and exports to align India's steel sector with international best practices. Partnerships and international collaborations are being explored to position India as a global leader in steel production and exports.
The ministry has focused on initiatives like the Green Steel Mission, the Production Linked Incentive (PLI) Scheme for Specialty Steel, and measures for standardization and quality control.
The Ministry of Steel is spearheading the 'Green Steel Mission,' with an estimated outlay of Rs 15,000 crore, to promote decarbonization in the steel industry and advance the country's net-zero goals.
The mission includes a PLI Scheme for Green Steel, incentives for renewable energy use, and mandates for government agencies to prioritize purchasing green steel.
Supporting this initiative, the National Green Hydrogen Mission, launched by the Ministry of New and Renewable Energy, has allocated Rs455 crore for pilot projects in the steel sector.(ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)