The Ministry of Steel on 18th August 2022, has extended the last date for receipt of applications under the Production Linked Incentive (PLI) Scheme for Specialty Steel through the online application window (at https://plimos.meconlimited.co.in/) up to 15.09.2022.
The duration of the scheme shall be for five years, from 2023-24 to 2027-28. With a budgetary outlay of ₹6322 crores, the scheme is expected to bring in investment of approximately ₹40,000 crores and capacity addition of 25 MT for specialty steel. The five categories of specialty steel which have been chosen in the PLI Scheme are:
- Coated/Plated Steel Products
- High Strength/Wear resistant Steel
- Specialty Rails
- Alloy Steel Products and Steel wires
- Electrical Steel
The main objective of the PLI scheme is to promote manufacturing of such steel grades within the country and help the Indian steel Industry mature in terms of technology as well as move up the value chain. The incentives under the scheme shall only be provided to companies registered under the companied Act, 2013.
