Despite the fact that the deadline for submitting interest in the government's ambitious PLI plan (ProductionLinked Incentive) ) for specialty steel was extended twice due to concerns voiced by steelmakers, just 10 applications have been received.
A senior government official said that the deadline for submitting applications under the PLI Scheme for specialty steel will be extended for the third time. The deadline for producers to apply for advantages under the PLI scheme for speciality steel was originally March 29. It was then extended until April 30, 2022, and then again until May 31, 2022. In response to a question on the number of applications received by players under the system, he said that players have received 10 applications and 58 registrations thus far.
The government has scrapped import duties on several raw materials and raised export duties on 11 items, including iron ore and some steel intermediaries, in order to lower the cost of producing steel products and increase domestic supply of iron ore and steel intermediaries. Additionally, import duties on plastics-making inputs have been reduced in an effort to reduce manufacturing costs.