The authorities on Monday prolonged for the third time the deadline to submit functions beneath the production-lined incentive scheme for specialty steel till June 30, 2022.
Till now solely 10 functions have been acquired from the gamers trying to make investments beneath the Rs 6,322-crore scheme which was launched in July final yr.
Initially, March 29 was the final date for producers to use for the advantages beneath the PLI (Production-Linked Incentive) scheme for speciality steel. It was later prolonged till April 30 and once more to May 31, 2022.
Last week, PTI had reported the federal government is contemplating extension of the final date to submit functions beneath the PLI scheme with a few modifications like no minimal funding cap and organising minimal capability for secondary gamers, a uniform incentive on the manufacturing of speciality steel, amongst others.
However, the most recent extension has come with none modifications.
“…the undersigned is directed to convey… to additional lengthen the final date for receipt of functions for the PLI scheme for specialty steel from 31.5.2022 to 30.6.2022. The utility window shall be saved confide in 30.6.2022,” based on a steel ministry notification.
Replying to a query associated to the modifications, a senior authorities official mentioned that a assembly of the Empowered Group of Secretaries (EGS) is but to be held on the topic, submit which a choice shall be taken.
Last yr in October, Union steel minister Ram Chandra Prasad Singh had mentioned a assembly of EGS shall be referred to as to deal with the problems of the businesses trying to make investments beneath the PLI scheme for specialty steel.
On July 22 final yr, the Union Cabinet chaired by Prime Minister Narendra Modi had authorized a Rs 6,322-crore PLI scheme to spice up the manufacturing of speciality steel within the nation.
(Only the headline and film of this report could have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)