Friday, June 24, 2022

Govt extends PLI scheme deadline for specialty steel for 3rd time

The Ministry of Steel has extended for the third time the deadline to submit applications under the PLI scheme for speciality steel till June 30

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New Delhi: The Government on Monday extended for the third time the deadline to submit applications under the PLI scheme (production-lined incentive scheme) for speciality steel till June 30, 2022.

Till now only 10 applications have been received from the players looking to invest under the Rs 6,322-crore scheme which was launched in July last year.

Initially, March 29 was the last date for manufacturers to apply for the benefits under the PLI (Production-Linked Incentive) scheme for speciality steel. It was later extended till April 30 and again to May 31, 2022.

Last week, PTI had reported the government is considering the extension of the last date to submit applications under the PLI scheme with a few modifications like no minimum investment cap and setting up minimum capacity for secondary players, a uniform incentive on the production of speciality steel, among others.

However, the latest extension has come without any modifications.

“…the undersigned is directed to convey… to further extend the last date for receipt of applications for the PLI scheme for speciality steel from 31.5.2022 to 30.6.2022. The application window will be kept open up to 30.6.2022,” according to the Ministry of Steel notification.

Replying to a question related to the modifications, a senior government official said that a meeting of the Empowered Group of Secretaries (EGS) is yet to be held on the subject, post which a decision will be taken.

Last year in October, Union steel minister Ram Chandra Prasad Singh had said a meeting of EGS will be called to address the issues of the companies looking to invest under the PLI scheme for speciality steel.

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 speciality steel in the country.

(PSU Watch– India’s Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)

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