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Ministry of steel has opened registration window for submission of application under the Production Linked Incentive (PLI) scheme for speciality steel.
The registration process starts today and ends exactly three months later on March 29, 2022.
“Ministry of Steel @SteelMinIndia calls for Online Registration and Application Submission under the Production Linked Incentive (PLI) Scheme for Specialty Steel at plimos.meconlimited.co.in,” steel ministry said in a tweet.
Government approved a ₹63225 crore PLI scheme to facilitate production of speciality steel in the country on July 22, 2021. The scheme is expected to attract additional investment of about ₹40,000 crore and generate fresh 5.25 lakh jobs.
The PLI scheme was notified by the government on October 22, and again amended scheme guidelines were announced on December 24.
The five categories of speciality steel have been included in the PLI scheme including coated/plated steel products, high strength/wear-resistant steel, speciality rails, alloy steel products, steel wires and electrical steel.
Industries like automobile, electrical, defence and pipes are consumers of these grades of steel, and India is importing the same.
Incentive under the scheme will become effective from FY24 and first instalment of incentive would be payable in FY25. It will be applicable for a period of five years with incentive ranging from 4 to 13 per cent.
The government aims to save ₹33,000-crore foreign exchange (forex) that goes out of India annually in exchange for the import of speciality steel.
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