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PLI scheme for specialty steel: Govt may extend the deadline for applications for a 3rd time Specialty Steel
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PLI scheme for specialty steel: Govt may extend the deadline for applications for a 3rd time

India Blooms News Service | @indiablooms | 22 May 2022, 08:00 pm

New Delhi: The Centre may extend the deadline for submitting applications for PLI scheme for speciality steel with only 10 applications received so far, even as the last date for applying was was extended twice, media reports said.

This comes amid concerns were raised by steel makers, said a report in the media.

March 29 was the last date for manufacturers, which was extended till April 30 and again to May 31, 2022.

A senior government official with the knowledge of the matter said that the extension was being mulled as  "the ministry is yet to come out with the modified scheme."

With lukewarm response to government's ambitious plan for specialty steel sector, the government is working on a uniform incentive on the production of speciality steel.

More grades, especially those related to the defence sector, will be added to the scheme.

For secondary players, cap on minimum investment and setting up minimum capacity will also be removed, he informed, said the report.

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 India.

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

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