India is stepping up efforts to set up Steel Research & Technology Mission of India (SRTMI). SRTMI is proposed to be set up with an initial corpus of Rs. 200 crore proposed to be contributed by Ministry of Steel and by the participating steel companies.
Vishnu Deo Sai, Minister of State for Steel, said his ministry is facilitating the creation of an industry driven Steel Research & Technology Mission of India (SRTMI) in association with the public and private sector steel companies to spearhead research and development activities in the iron and steel industry.
The Minister said in the leading steel companies in abroad, the annual investment on R&D varies in the range of 1-2% of their sales turnover. In Indian steel plants, R&D investment varies in the range of 0.15-0.3% of their sales turnover. With setting up of SRTMI and R&D projects to be pursued therein, R&D investment in Indian steel sector is likely to increase.
The Minister said the affairs of SRTMI are proposed to be managed by a Governing Board comprising Chief Executive Officers of steel and associated companies of the public and private sector, domain experts of national/international repute and a nominee of Ministry of Steel.
The executive functioning of SRTMI is proposed to be carried out by a Director who will be assisted by supporting structure.
India is currently the world’s fourth largest crude steel producer. The Narendra Modi Government is aiming to increase the Steel ptoduction there by making India the second largest producer of steel soon.
Crude Steel capacity in the country stood at 101 million tonnes(mt) in 2013-14 and the crude steel production was 81.69 mt. India is a net exporter of finished steel and the export of total finished steel was 5.98 million tonnes in 2013-14.
The steel sector contributes nearly 2% of the country’s GDP and employs over 6 lakh people. Per capita consumption of finished steel stood at around 60 kg.
Source: Commodity Online