The Indian government has extended the deadline for steel companies to submit applications for enrolment under the Production Linked Incentive (PLI) scheme for speciality steel to September 15 this year, a government official said on Thursday, August 18.
The official said that steel companies could submit applications stating plans to increase output or create fresh capacities for specialty steel and claim government fiscal benefits under the PLI Scheme until September 15, the fourth extension granted by the government so far.
The government had framed a PLI Scheme to disburse an aggregate of $800 million to steel companies between 2023-24 and 2029-30 against their commitment to increase specialty steel production or create new capacities.
The government is targeting an increase in domestic specialty steel production to 42 million mt by 2026-27 and an increase in exports to 5.5 million mt during the same period.