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New Delhi: The Centre on Tuesday rolled out the third round of production linked incentive (PLI) scheme for specialty steel with a total outlay of ₹2,100 crore. The new PLI 1.2 scheme will cover 22 new grades.The latest round has been made more flexible to make it easier for investors to claim incentives. Investment and capacity thresholds have also been relaxed to encourage participation of more micro, small, and medium enterprises (MSMEs). Further, the criterion that companies must meet their committed production targets to be eligible for incentives has been done away with.Benefits under the scheme can be utilised till five years starting FY26, with incentive disbursal commencing FY27.Products covered under this round belong to strategic grades such as super alloys, titanium alloys, commercial grades such as CRGO (Cold Rolled Grain Oriented) amorphous steel, and coated products and wires that include rubber-coated, vinyl-coated and other coated products."The companies will get incentives on the volume they have produced till that point," said Sandeep Poundirk, steel secretary.Live EventsThe earlier two PLI rounds have drawn ₹22,973 crore in total investments and generated 13,284 jobs, with incremental production of 2,764 thousand tonnes as of September. The first round of PLI for specialty steel was launched in July 2021 with an outlay of ₹6,322 crore."PLI 1.2 is designed to accelerate India's journey toward becoming a global hub for high-grade steel production," said H D Kumaraswamy, union steel minister.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onProduction Linked Incentive schemeMSMEsspecialty steelsteel productionH D Kumaraswamyinvestment in steelgovernment incentives for steel (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onProduction Linked Incentive schemeMSMEsspecialty steelsteel productionH D Kumaraswamyinvestment in steelgovernment incentives for steel(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
