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Govt extends deadline for PLI applications for specialty steel

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New Delhi | August 18, 2022 1:58:29 PM IST
The last date for receipt of applications under the Production Linked Incentive (PLI) scheme for specialty steel has been extended up to September 15.

Previously, the deadline for applications was July 31.

Applicants can visit https://plimos.meconlimited.co.in/ to apply for such special incentives.

Criteria for participation, eligibility and other parameters have been notified on 29.07.2021 andthe same are available on the same portal.

Interested companies are requested to first register and then apply on the portal well before the deadline.

The centre had in 2021 approved the PLI scheme for specialty steel to be implemented over 2023-24 and 2029-30 with Budgetary provisions of Rs 6,322 crore.

The objective of the scheme is to promote the manufacturing of such grades of steel within the country and help the sector move up the value chain.

The production-linked incentive (PLI) scheme has the potential to add nearly 4 per cent to GDP in terms of incremental revenues, said brokerage firm Emkay Investment Managers in a report in July.

The PLI scheme aims to provide nearly Rs 2.4 lakh crore worth of incentives over the next five years, with the lion's share going to electronics, auto components, and pharma.

On China, it had said the country was facing disruption in the supply chain due to COVID as their manufacturing of goods as well as shipping is affected.

It added that developed nations have imposed anti-dumping duties on a lot of Chinese goods Besides, the extent of depreciation of the Rupee as compared to that of the Chinese currency Yuan is making India more competitive. The key beneficiaries of this advantage are likely to be auto and auto components, textiles, chemicals, and capital goods. (ANI)

 
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