Deadline to apply for PLI for steel manufacturing extended till May 31

Date:

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The Centre has again extended the deadline for receiving applications under the production-linked incentive scheme for specialty steel. Now, the new deadline for manufacturers to apply for the benefits under the PLI scheme is May 31, 2022.

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Initially, the deadline fixed by the government was March 29 and it was later extended till April 30.

“The application window (for scheme) will be kept open up till May 31, 2022,” according the steel ministry notification dated April 28.

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Earlier, an official in the ministry had reportedly said that the government was considering modifications in the PLI scheme for specialty steel after steel makers raised certain concerns.

The government is working on a uniform incentive on the production of specialty steel and considering inclusion of more grades, especially those used in the defence sector, to the scheme, according to the official.

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

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The move is expected to attract an additional investment of about Rs 40,000 crore and create 5.25 lakh job opportunities.

The PLI scheme is applicable to five broad product categories – coated or plated steel products, high strength or wear resistant steel, specialty rails, alloy steel products and electrical steel – and 25 product sub-categories.

As this scheme is fund-limited, the PLI payable should not be above the budgeted allotment for the scheme. Further, the annual incentive payable will be capped at Rs 200 crore per eligible company, including that of group companies or joint ventures, across product categories.



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