Union Minister of Steel and Heavy Industries H.D. Kumaraswamy has launched the third round of PLI scheme for specialty Steel. The third round (PLI 1.2) aims to attract new investments in emerging and advanced steel products, such as super alloys, CRGO, stainless steel long and flat products, titanium alloys, and coated steels. The Base Year for prices has been revised from FY 2019-20 to FY 2024-25 to reflect current trends.

Earlier in an event in Delhi, Steel Secretary Sandeep Poundrik had stressed on the need to make more investments in specialty Steel to cut imports as demand in the defence, auto, and space sector grows. He had pointed out that India imports most of the electric steel it uses, which it needs to produce in larger quantities to add more transformers as power demand grows.

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