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PLI Scheme for specialty steel: Government receives 10 applications; mulls to extend last date again


The formidable PLI scheme for specialty metal of the federal government has obtained simply 10 purposes, though the final date to submit curiosity beneath the scheme was prolonged twice after sure issues have been raised by steelmakers.

A senior authorities official advised PTI that the final date to submit purposes beneath the PLI Scheme for specialty metal is predicted to be prolonged once more for the third time.

Initially, March 29 was the final date for producers to use for the advantages beneath the PLI (Manufacturing-Linked Incentive) scheme for speciality metal. It was later prolonged until April 30 and once more to Could 31, 2022.

Replying to a query on the variety of purposes obtained by gamers beneath the scheme, he replied 10 purposes and 58 registrations have been obtained to date by gamers.

When requested in regards to the rationale behind extending the final date once more, the official knowledgeable “the ministry is but to return out with the modified scheme.”

Sure metal makers had earlier raised issues over the scheme, following which the federal government had begun the method to make sure modifications within the PLI Scheme for Speciality Metal.

Within the modified scheme, the federal government is engaged on a uniform incentive on the manufacturing of speciality metal. Extra grades, particularly these used within the defence sector, can be added to the scheme.

For secondary gamers, cap on minimal funding and organising minimal capability may even be eliminated, he knowledgeable.

On July 22 final yr, the Union Cupboard chaired by Prime Minister Narendra Modi had permitted a Rs 6,322-crore PLI scheme to spice up the manufacturing of speciality metal in India.

The transfer is predicted to draw a further funding of about Rs 40,000 crore and generate 5.25 lakh job alternatives.

With PTI Inputs

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