PLI Scheme: Deadline to apply for production-linked incentive for steel manufacturing extended till May 31

PLI Scheme: The government on Wednesday extended the deadline for submitting applications under the production-linked incentive scheme (PLI scheme) for specialty steel until May 31, as per PTI reported. According to an official statement, the government has extended the deadline for the second time.

Initially, the deadline for manufacturers to apply for benefits under the PLI (Production-Linked Incentive) scheme for speciality steel was March 29, 2022. Later, it was extended till April 30 and now it is again extended till May 31, 2022, PTI said.

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

Earlier, a ministry official told PTI that the government was mulling changes to the PLI scheme for specialty steel after steel producers expressed concerns, said PTI.

According to the official, the government is working on a standard incentive for the manufacture of specialty steel and is considering the inclusion of more grades, especially those used in the defence sector, in the scheme.

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved a Rs 6,322-crore PLI scheme to enhance speciality steel manufacturing in the country on July 22 of last year, PTI said.

The move is expected to bring in an additional Rs 40,000 crore in investment and create 5.25 lakh jobs.