(MENAFN- Live Mint) Union minister of steel and heavy industries H.D. Kumaraswamy on Tuesday launched the third round of the production-linked incentive (PLI) scheme for speciality steel.

The steel ministry's PLI scheme, approved by the Cabinet in July 2021, has attracted investment commitments worth ₹43,874 crore, expected to create 30,760 direct jobs, and produce around 14.3 million tonnes of speciality steel production across identified product categories, a statement said.

As of September 2025, participating companies in the first two rounds have invested ₹22,973 crore and created 13,284 jobs.

The scheme is a key initiative under the Atmanirbhar Bharat vision to make India a global hub for steel production.

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. This is expected to generate significant employment, expand high-end steel capacity, and position India as a preferred supplier in the global value chain for speciality steels, the statement said.

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Under the third round, it has been decided that only companies registered in India and engaged in the end-to-end manufacturing of the notified products will be eligible to apply for incentives. The application window will be open for a period of 30 days.

The third round of the PLI Scheme covers 22 product sub-categories across five broad target segments, including strategic steel grades, commercial grades (categories 1 and 2), and coated/wire products.

The scheme will provide incentives ranging from 4% to 15% of incremental sales, depending on the product sub-category and the year of production. The benefit will be available for a maximum of five years starting from 2025-26, with incentive disbursal commencing in 2026-27.

The steel ministry has said the base year for steel prices has been revised from 2019-20 to 2024-25 to reflect current trends.

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“The inclusion of products like long and flat products of stainless steel, coated steel, and wire products requires a view from the point of desirability and what exactly the products include. I am sure the government has well studied the benefits of PLI so far before including new products,” said A.S. Firoz, former steel ministry chief economist.

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