The Indian government has embarked on an ambitious journey to revolutionize its steel industry through the Production Linked Incentive Scheme for Specialty Steel. This initiative, spearheaded by the Ministry of Commerce, Industry, and Investment Promotion, focuses on fostering innovation, investment, and employment within the sector. By targeting five specific categories, coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products and steel wires, and electrical steel, the scheme aims to elevate India’s standing in the global steel market.
Leading steel manufacturers such as Tata Steel and JSW Steel have committed to substantial investments under the PLI scheme. Collectively, these companies are poised to inject ₹29,530 crores into the industry, a move expected to create approximately 18,000 direct jobs by the end of the scheme's tenure. This significant financial commitment underscores the industry's readiness to embrace advanced technologies and production methods, thereby enhancing the quality and competitiveness of Indian steel products.
A key feature of the scheme is the 'Made in India' branding initiative. This branding effort includes the introduction of a QR Code on domestic steel products, providing detailed information about the product and its origin. Major integrated steel plants have already begun implementing this pilot rollout. By offering transparency and traceability, the 'Made in India' label aims to build consumer trust and confidence in Indian steel, both domestically and internationally.
The branding initiative is supported by the Quality Council of India, which has played a crucial role in establishing and managing the technology platform for the 'Made in India' label. This platform allows manufacturers to register and authenticate their products, ensuring that the branding criteria are met. The initiative not only enhances the marketability of Indian steel but also positions it under the prestigious 'Brand India' umbrella, appealing to consumers who prefer high-quality, reliable steel products.
The focus on specialty steel is a strategic move to diversify India’s steel portfolio and reduce dependency on imports. By promoting the production of high-value steel products, the PLI scheme aims to transform India from a predominantly raw material exporter to a leading manufacturer of finished steel goods. This shift is expected to have a ripple effect on the broader economy, stimulating growth and innovation across related industries.
Minister of State for Steel and Heavy Industries, Shri Bhupathi Raju Srinivasa Varma, highlighted the scheme's importance in a written reply to the Lok Sabha. He emphasized that the initiative is not just about financial investment but also about creating a robust ecosystem that supports sustainable and inclusive growth. The scheme's success hinges on the collaborative efforts of stakeholders across the industry, from policymakers to manufacturers.
