The government has extended the deadline to submit applications under the production-linked incentive (PLI) scheme for speciality steel for the fourth time. The new deadline is July 31, 2022.
The first deadline was March 29. But that was later changed to April 30, then to May 31 and to June 30.
Speciality steel is a value-added variety. It is made by using finished steel and then coating, plating, applying heat treatment, etc., to convert it into high-value-added steel for use in sectors such as defence, space, power and automobiles, among others.
The Ministry of Steel released a notification on June 29 stating: "...the undersigned is directed to convey...to further extend the last date for receipt of applications for the PLI scheme for speciality steel from June 30, 2022, to July 31, 2022. The application window will be kept open up to July 31, 2022".
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On Thursday, the metal stocks were trading in the red. Steel majors like Jindal Steel and JSW Steel were down by over 2 percent, while Steel Authority of India and Tata Steel were over 1 percent down.
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PLI scheme was approved by the Union Cabinet on July 22, 2021. The Rs 6,322-crore scheme was launched with an objective 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.
(With agency inputs)
