The Ministry of Steel on Tuesday signed Memoranda of Understanding for 85 projects involving investments of more than ₹11,000 crore at a ceremony held in New Delhi. The agreements were executed with 55 companies under the third round of the Production-Linked Incentive Scheme for speciality steel, known as PLI 1.2.

Addressing the gathering, Union Minister for Steel and Heavy Industries H. D. Kumaraswamy said the PLI 1.2 scheme marks a decisive step toward building a resilient and globally competitive speciality steel ecosystem. He noted that the initiative strengthens the core objectives of Make in India and Aatmanirbhar Bharat by promoting domestic capacity in advanced and strategic steel products.

The minister said the scheme aims to bridge long-standing structural gaps in the sector by incentivising domestic production of high-end steel, reducing dependence on imports, conserving foreign exchange, and positioning India as a dependable global supplier of advanced steel products.