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Ministry of Steel and Top Steep Companies in India Create Steel Development Fund

2015-04-13 Posted By:Infra Bazaar

In a move that aims to inject more research and development into the steel sector, the Ministry of Steel planned to create a steel development fund along with the leading steel manufacturers in the country. Companies like Tata Steel, JSPL, JSW Steel, SAIL, RINL, Mecon and NMDC had an agreement with the Ministry of Steel in setting up Rs. 200 crore fund. Government will contribute Rs. 100 crores to the mission, and the steel companies will contribute the remanding.

Calling it ‘Steel Research and Technology Mission of India’, the agreement was signed in the presence of Minister for Steel and Mines, Narendra Singh Tomar.

Speaking on the occasion, Mr. Tomar said Steel Research and Technology Mission of India, which is a joint initiative by the government and the steel companies, will give good results. Minister also said that steel industry can boost employment, and create more job opportunities in countries like India where there is lots of young talent.

The steel research mission plans to steadily increase the investment in research and development of the sector to a global standard of 1% to 2% of total turnover.

Steel Research and Technology Mission of India (SRTMI) was ideated last year by the special task force appointed by the Steel Ministry. The mission will have a governing board with representatives from different steel companies, along with one representative from the Steel Ministry.

The mission will focus on the areas like natural resource conservation, energy conservation, emission control etc.