New Delhi, March 25 -- The Ministry of Steel has marked a significant milestone in India's industrial development by signing Memorandums of Understanding (MoUs) under the Production-Linked Incentive (PLI) Scheme 1.1 for specialty steel, a strategic initiative aimed at transforming the nation's steel manufacturing landscape.

Union Steel Minister H.D. Kumaraswamy characterised the scheme as a critical step towards realising Prime Minister Narendra Modi's vision of self-reliance and reducing dependency on imported high-grade steel varieties.

Initially launched in July 2021, the PLI scheme encompasses five broad categories and 19 sub-categories of specialty steel, with a stringent eligibility criterion requiring companies to be registered i...