Steel Ministry Announced Extension of Deadline for PLI Scheme

SEATTLE (Scrap Monster): The Ministry of Steel in India announced that the deadline for receipt of applications under the Production Linked Incentive (PLI) Scheme for Specialty Steel has been extended. The last date to submit the filled application through the online application window has been extended until 15^th September, 2022, said the official statement released by the Steel Ministry.

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In July last year, the Union Cabinet had approved the implementation of the PLI Scheme for Specialty Steel in the country over FY 2023-24 to FY 2029-30. A sum of INR 6,322 crore was earmarked for the project. The scheme aims to boost domestic manufacturing of such steel grades and attract significant investment for production of specialty steel in the country, thereby reducing the country’s dependence on imports.

The scheme covers five different categories of specialty steel. It is expected to provide employment to around 5.25 lakh people, including approximately 68,000 direct jobs. The Ministry expects the specialty steel production in the country to climb higher to touch 42 million tonnes by end-2026-’27. Also, specialty steel exports from the country are likely to exceed 5.5 million tonnes.