India prepares PLI phase 2 for steel sector growth

The Indian government is actively developing a follow-up to the Performance Linked incentive (PLI) programme focused on the steel sector, with a primary emphasis on import substitution. Nagendra Nath Sinha, the steel secretary, revealed that the steel the ministry is ready to introduce "PLI-2", which will address the specific requirements of sectors such as the Indian railways.

During the first phase of the PLI scheme, companies committed to invest ₹2.953 billion, resulting in a downstream capacity increase of 24.78 million tonnes. The government has earmarked ₹6.32 billion to stimulate the steel industry through the PLI initiative.

SAIL, a state-owned company, currently meets the full demand for R-260 steel rails from the national carrier. In addition, the introduction of a new main hardened rail grade, R-350/1175, is planned for 2023, improving train speed. Despite its crucial role in infrastructure development, the domestic steel sector is experiencing shortages of rail rakes during months of peak power demand due to coal transportation.

In response, the steel secretary outlined new initiatives to improve freight traffic and meet the needs of the steel sector. More than 2,000 wagons are introduced every month to improve the availability of wagons. In addition, newer container steels, authorized by the Bureau of Indian Standards, have been embraced by leading steel producers such as SAIL, Tata Steel, and JSW Steel.

The PLI-2 initiative aligns with India's strategic intention to strengthen domestic production, reduce imports and promote self-reliance in critical sectors.

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