Govt Receives 10 Applications for PLI Scheme for Specialty Steel; Mulls to Extend Last Date Again

The authorities’s formidable PLI scheme for specialty metal has acquired simply 10 purposes, even because the final date to submit curiosity below the scheme was prolonged twice, after sure issues had been raised by metal makers. The final date to submit purposes below the PLI Scheme for specialty metal is predicted to be prolonged once more for the third time, a senior authorities official informed PTI.

Initially, March 29 was the final date for producers to apply for the advantages below the PLI (Production-Linked Incentive) scheme for speciality metal. It was later prolonged until April 30 and once more to May 31, 2022. Replying to a query on the variety of purposes acquired by gamers below the scheme, he replied 10 purposes and 58 registrations have been acquired up to now by gamers.

When requested concerning the rationale behind extending the final date once more, the official knowledgeable “the ministry is yet to come out with the modified scheme.” Certain 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 Steel. In the modified scheme, the federal government is engaged on a uniform incentive on the manufacturing of speciality metal. More grades, particularly these used within the defence sector, can be added to the scheme.

For secondary gamers, cap on minimal funding and establishing minimal capability may also be eliminated, he knowledgeable. On July 22 final 12 months, the Union Cabinet chaired by Prime Minister Narendra Modi had authorized a Rs 6,322-crore PLI scheme to enhance the manufacturing of speciality metal in India.

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

Read all of the Latest News , Breaking News and IPL 2022 Live Updates right here.