By Sachin Alug, CEO, NLB Services
The newly announced PLI Scheme 1.1 for the steel sector is poised to strengthen India’s ambition to become a manufacturing hub, fostering domestic production and sustainable economic growth. Aligned with the vision of Atmanirbhar Bharat and the Make in India initiative, this scheme will further boost the manufacturing of specialty steel and electrical steel, thereby attracting more investments and creating jobs in key sectors.
The announcement is likely to have a positive impact on key sectors like defence, automobile, railways, electronics, renewable energy, infrastructure development, medical equipment manufacturing, aerospace components, marine applications, and heavy machinery production. Intending to boost domestic production and reduce imports, the PLI scheme for specialty steel has garnered a substantial investment of Rs 18,300 crore from the companies and created over 8,660 jobs by November 2024.
The scheme is expected to generate employment opportunities requiring specific expertise across crucial domains including Advanced Materials Processing Engineers, Quality Control Specialists, Process Optimization Experts, Metallurgical Engineers, Industrial Equipment Operators, Automation Engineers, Industrial IoT Specialists, Data Analytics Professionals, Maintenance Technicians, Supply Chain Managers, Materials Scientists, Product Development Engineers, Testing and Validation Specialists, Sustainability Experts, and Innovation Managers. We expect that this announcement will attract more investments, leading to over 20,000 jobs by the end of this year.
Companies joining the PLI scheme are improving their manufacturing systems with practical digital solutions. Many steel producers are using smart sensors and data analytics to make their operations more efficient. The integration of these technologies is helping them increase output quality while reducing costs. This approach to modernization fits well with the scheme’s goals of building a more competitive and capable steel sector.