Source: PIB
Context: Union Minister of Steel and Heavy Industries launched PLI Scheme 1.1 to enhance India’s self-reliance in steel production under Atmanirbhar Bharat.
About PLI Scheme 1.1:
- What it is: Production Linked Incentive (PLI) Scheme 1.1 focuses on enhancing domestic production of specialty steel in five key categories.
- Launched by: Union Ministry of Steel and Heavy Industries.
- Aim:
- Reduce dependency on imports of specialty steel.
- Promote high-value steel manufacturing.
- Strengthen India’s position as a global steel powerhouse.
- Key Features:
- Five Product Categories: Coated/Plated Steel, High Strength/Wear Resistant Steel, Specialty Rails, Alloy Steel Products & Steel Wires, and Electrical Steel.
- Reduced Thresholds:
- Investment threshold for CRGO (Cold-rolled grain-oriented steel) reduced to ₹3,000 crore.
- Production threshold reduced to 50,000 tonnes.
- Carry Forward Excess Production: Companies can carry forward surplus production to the next year for incentive eligibility.
- Focus on Existing Capacities: Investments in augmenting existing facilities are now eligible for participation.
- Incentive Period: FY 2025-26 to FY 2029-30.
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