New Delhi. The government has received about 75 applications from domestic companies under the Production Linked Incentive (PLI) scheme for specialty steel. A senior steel ministry official said that the applicants include all major steel companies like Tata Steel, JSW Steel, JSPL, AMNS India and SAIL.
No offer from foreign entity
The official said that a large number of applications have been received. About 75 applications have been received. However, no proposal has been received from any foreign body, according to the official. Officials said that after scrutinizing the proposals, the government will release a final list, which will take around 35-40 days.
Rs 6,322 crore PLI scheme approved for specialty steel
The government had set September 15 as the deadline for applying under the PLI scheme for specialty steel. The Union Cabinet in July last year approved a Rs 6,322-crore PLI scheme to boost the production of specialty steel in India.
What is Production Linked Incentive Scheme?
The Modi government started the PLI scheme in March 2020. Its purpose is to encourage companies to increase sales of products manufactured in domestic companies. The objective of the PLI scheme is to make the domestic manufacturing sector globally competitive.
14 areas selected for PLI scheme
14 sectors including automobiles and auto parts, white goods, textiles, ACC and specialty steel have been selected for the PLI scheme in the country. Apart from inviting foreign companies, the purpose of the PLI scheme is to encourage domestic companies to set up or expand existing manufacturing units.
Tags: Tata steel
FIRST PUBLISHED : September 18, 2022, 15:40 IST