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

The government has extended the deadline to submit applications under the production-linked incentive scheme for speciality steel till May 31, according to an official notification. The deadline has been extended for the second time. 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.

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

Earlier, an official in the ministry had told PTI that the government was considering modifications in the PLI scheme for speciality steel after steel makers raised certain concerns.

The government is working on a uniform incentive on the production of speciality steel and considering inclusion of more grades, especially those used in the defence sector, to the scheme, the official had said.

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.

The move is expected to attract an additional investment of about Rs 40,000 crore and create 5.25 lakh job opportunities.