The Center extends the application deadline for the PLI program for special steel

The government on Thursday extended the deadline for submitting applications under the Production Linked Incentive Scheme (PLI) for specialty steels until September 15.

Previously, the deadline for submitting applications was July 31.

Participation criteria, eligibility and other parameters were notified on July 29, 2021 and are available on the portal.

Interested companies can register on the portal and apply before the revised deadline.

In 2021, the center had approved the PLI program for special steel to be implemented over 2023-24 and 2029-30 with budgetary provisions of Rs 6322 crore.

The aim of the scheme is to promote the manufacture of these steel grades in the country and help the sector move up the value chain.

The Production Linked Incentives (PLI) program has the potential to add almost 4% to GDP in additional revenue, brokerage firm Emkay Investment Managers said in a report in July.

The PLI scheme aims to provide nearly Rs 2.4 lakh crore in incentives over the next five years, with the lion’s share going to electronics, automotive components and the pharmaceutical industry.

Regarding China, he had said that the country is facing supply chain disruptions due to COVID as their manufacture of goods as well as shipping are affected.

He added that developed countries have imposed anti-dumping duties on many Chinese products. In addition, the extent of the depreciation of the rupee against that of the Chinese currency Yuan makes India more competitive. The main beneficiaries of this advantage are likely to be automobiles and their components, textiles, chemicals and capital goods.

(With ANI entries)

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