The steel ministry has decided to set up Special Purpose Vehicles (SPVs) with mineral-rich states like Odisha, Chhattisgarh, Jharkhand and Karnataka, to revive investment in the steel sector. The role of the SPVs will be to acquire land and obtain all necessary environment and forest clearances.
State-owned iron ore miner National Mineral Development Corporation’s (NMDC) wholly-owned steel plant in Nagarnar (Chhattisgarh), which is being established with an investment of around Rs 15,525 crore, will be operational by December 2016. The minister added that NMDC Steel, which is being developed by the state-owned iron ore miner, will produce 3 million tonnes per annum (MTPA) of steel.
As per the figures from World Steel Association, India's per capita consumption of total finished steel was 60.3 kg in 2014-15, compared with a world average of 219 kg in 2013. The estimated domestic per capita consumption of total finished steel was around 11 kg for rural India and 170 kg for urban India in 2014-15.