PLI scheme for steel sector draws 10 applications

After being extended twice from the original last date of submission on 29th March to April 30 and again to May 31, 2022, the government has received merely 10 applications and 58 registrations for its ambitious PLI scheme for specialty steel. According to a government official, the last date to submit applications under the PLI Scheme for specialty steel is expected to be extended again for the third time as “the ministry is yet to come out with the modified scheme.”

Earlier, certain steel makers had earlier raised concerns over the scheme, following which the government  is working on a standardized incentive on the production of speciality steel. It will incorporate more grades, especially those used in the defence sector. The source also said that cap on minimum investment and setting up minimum capacity will also be removed for secondary players.

The PLI Scheme for specialty steel was approved last year by the Union Cabinet chaired by Prime Minister Narendra Modi. An amount of Rs 6,322-crore was earmarked for the scheme. It is expected to attract an additional investment of about Rs 40,000 crore and generate 5.25 lakh job opportunities.