PLI for Speciality steel applications extended again

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PLI for Speciality steel applications extended again

The last time the last date to submit interest was extended twice as the PLI scheme for specialty steel received just 10 applications, even though the last date to submit applications was extended twice, due to concerns raised by steel makers.

A senior government official said that the last date to submit applications under the PLI Scheme for specialty steel is expected to be extended for the third time.

The last date for manufacturers to apply for the benefits under the PLI Production-Linked Incentive scheme for speciality steel was on March 29. It was extended to April 30 and then to May 31, 2022.

He replied to a question about the number of applications received by players under the scheme, and said that 10 applications and 58 registrations have been received so far.

The official informed the ministry is yet to come out with the modified scheme when asked about the rationale behind extending the last date. Certain steel makers had raised concerns about the scheme, and the government had begun the process to make certain modifications to the PLI Scheme for Speciality Steel.

The government is working on a uniform incentive for the production of speciality steel in the modified scheme. More grades, especially those used in the defence sector, will be added to the scheme.

He informed that the cap on minimum investment and setting up minimum capacity will be removed for secondary players.

On July 22 last year, the Union Cabinet chaired by the Prime Minister Narendra Modi approved a Rs 6,322 crore PLI scheme to boost the production of speciality steel in India.

It is expected that the move will generate 5.25 lakh job opportunities and attract additional investment of around Rs 40,000 crore.