On 09 February, 2026, the Ministry of Steel signed memorandums of understanding (MoUs) with 55 companies for 85 projects under the third round of the production-linked incentive (PLI) Scheme 1.2 for specialty steel at Vigyan Bhawan, New Delhi.

This initiative, aimed at boosting India’s manufacturing capabilities, aligns with the government's “Make in India” vision. The participating companies have committed to an investment of Rs 11,887 crore and a production capacity of 8.7 million tonne in steel and alloy making. Minister of Steel, HD Kumaraswamy, highlighted that this scheme will reduce import dependence, conserve foreign exchange, and position India as a reliable global supplier of high-value steel.

PLI Scheme 1.0, launched in 2021, saw investments of Rs 27,106 crore and 7.9 million tonne in production capacity. With continued support, the Ministry aims for sustained growth in India’s specialty steel sector.