Govt receives 10 applications for PLI on specialty steel

About 58 registrations along with the applications were received

May 23, 2022

The last date to submit more applications has been extended again, as the Ministry of Steel is yet to come out with a few modifications for the scheme

Modifications will include the addition of more grades, commonly used in the defence sector, and establishing a uniform incentive for the production of specialty steel

The PLI was approved by the Prime Minister last year, with an allocation of INR 6,322 Crore

The move is projected to create about 525,000 employment opportunities

The government’s Product Linked Incentive (PLI) scheme for specialty steel has received 10 applications and 58 registrations, according to a senior government official. 

The deadline for manufacturers to apply for benefits under the PLI scheme for specialty steel was originally March 29, 2022, and was then extended until April 30.

The official added that the last date to submit the applications for the PLI scheme is expected to be extended again, for the third time, to May 31, 2022, as the Ministry of Steel is yet to come out with a few modifications for the scheme, because steel makers had earlier raised concerns over it. 

The modifications will include the addition of more grades, commonly used in the defence sector, and establishing a uniform incentive for the production of speciality steel, according to the official. The official also stated that the limit on minimum investment and setting up minimum capacity for secondary players will be removed.

The Union Cabinet, led by Prime Minister Narendra Modi, approved an INR 6,322-crore PLI scheme to expand India’s specialty steel output, last year. The move is projected to bring in an additional INR 40,000 crore in investment, and create about 525,000 employment opportunities.