Speciality Steel Centre invites applications under PLI scheme for speciality steel
New Delhi/IBNS: The government has started inviting applications from investors seeking to invest and avail benefits under the production linked scheme (PLI) for speciality steel on Wednesday.
On July 22, the Union Cabinet had approved a Rs 63,225 crore PLI scheme to enhance production of speciality steel in India.
The major push is expected to garner an additional investment worth Rs 40,000 crore and create 5.25 lakh new jobs.
The scheme was notified by the Centre on Oct 22 and was shared again with revised guidelines on Dec 22.
"@SteelMinIndia calls for Online Registration and Application Submission under the production-linked incentive (PLI) scheme for specialty steel at https://t.co/7RTrFAoj11 Start Date: 29-Dec-2021. End Date: 29-Mar-2022," the Ministry of Steel said.
Categories of steel under the PLI scheme include coated/plated steel products, high strength/wear-resistant steel, speciality rails, alloy steel products, steel wires and electrical steel.
Tata Steel said that the scheme would act advantageous to the company's future plans, reported The Telegraph (TT).
Showing interest, Jindal Steel and Power Ltd said it would "definitely register for the scheme," TT reported.
The incentives provided range from four percent to 12 percent and are meant to last for a stipulated time period of five years.
Incentives under the PLI scheme will be in effect from FY24 and the first installment would be payable in FY25.
Centre's move is also aimed at reducing reliance on import of high-quality steel.
The government will also look to save Rs 33,000 crore in foreign exchange, which goes out from India on import of speciality steel.
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