The federal government will launch one other spherical of production-linked incentive scheme for the metal sector on Monday.
The ‘PLI scheme 1.1’ will probably be launched by the metal minister H D Kumaraswamy.
“Union Minister of Metal and Heavy Industries…will launch ‘PLI scheme 1.1’ for the metal trade and name for functions…on January 6,” the metal ministry mentioned in a press release.
To encourage home manufacturing of specialty metal and decrease imports by drawing in capital investments, the federal government had earlier launched the PLI scheme for specialty metal.
The scheme has attracted investments price Rs 27,106 crore, envisaging creation of 14,760 direct employment alternatives with an estimated manufacturing of seven.90 million tonnes of specialty metal.
As of November 2024, firms have already invested Rs 18,300 crore and generated over 8,660 in employment.
The federal government has been interacting often with the taking part firms and primarily based on suggestions, it was felt that there was a scope to inform the scheme once more to draw extra participation, the assertion mentioned.
The idea of Manufacturing-Linked Incentives (PLI) was conceived through the Covid-induced international lockdowns of 2020, emphasising the necessity to increase home manufacturing.
Initially launched for 3 sectors, the PLI scheme was later prolonged to incorporate metal in November 2020.
The federal government had earlier mentioned that it’s engaged on one other spherical of the PLI scheme for speciality metal because the response for the primary spherical of the initiative didn’t meet expectations.
Speciality metal continues to be one space the place extra is required to be accomplished. The federal government introduced a PLI to incentivise the manufacturing of speciality metal however the offtake of the sops was not as anticipated, the federal government had earlier mentioned.
Speciality metal is a high-grade product utilized in sectors like defence, car, and electrical, amongst others.
