The central government is planning to introduce a new incentive scheme worth ₹5,000 crore to further strengthen the domestic steel industry. The main objectives of the scheme are to promote the manufacture of advanced quality special steel, reduce dependence on imports and increase domestic manufacturing capacity. This scheme, which is being designed as a supplement to the Productive Incentive (PLI) policy, will increase investments in the industry and also create new employment opportunities. Officials said that the government is taking these steps to make the country a world-class steel manufacturing hub. Experts believe that with the implementation of this scheme, the Indian steel industry has the potential to become more competitive in the international market.
Centre ready for ₹5,000 crore incentive scheme for steel sector
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tmanasa
- June 30, 2026
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The central government is planning to introduce a new incentive scheme worth ₹5,000 crore to further strengthen the domestic steel industry. The main objectives of the scheme are to promote the manufacture of advanced quality special steel, reduce dependence on imports and increase domestic manufacturing capacity. This scheme, which is being designed as a supplement to the Productive Incentive (PLI) policy, will increase investments in the industry and also create new employment opportunities. Officials said that the government is taking these steps to make the country a world-class steel manufacturing hub. Experts believe that with the implementation of this scheme, the Indian steel industry has the potential to become more competitive in the international market.
