The Indian government is working on a second version of the production linked incentive (PLI) scheme for specialty steel whereby the government offers fiscal funding in proportion to the creation of new capacities, a government official said on Monday, September 30.
The government had earlier launched a PLI scheme for specialty steel but the response from the industry was poor.
“We are bringing another round of the PLI so that we can get more interest in the speciality steel business,” secretary of the ministry of steel, Sandeep Poundrik, said.
The government had earlier created a corpus of $760 million to be offered to steel sector investors in phases to create additional specialty steel capacities, but only $309 million could be allocated to actual investors committed to creating new capacities.
However, the steel secretary did not divulge the corpus of the new scheme proposed.