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Steel Ministry approves 83 R&D projects with SDF assistance of Rs 389.63 crore

27 Jul 2015 Evaluate

In order to expand the steel industry’s product portfolio, to develop more value added products and to help in maintaining long term sustainability, Steel Ministry approved 83 R&D projects worth Rs 696.27 crore in 2014-15. To promote R&D in steel, Centre constituted an Empowered Committee (EC) under Steel Secretary for approval of R&D projects. During the fiscal, EC met 24 times and approved 83 R&D projects with Steel Development Fund (SDF) assistance of Rs 389.63 crore. Out of 83 R&D projects, 47 projects have completed, and 11 projects were stopped following mid-term review whereas 25 projects are in various stages of progress.

Further, the government is encouraging the PSU’s and private firms in steel sector to work on R&D projects mostly on problems relating to utilization of low grade ore and high ash coal. It has recommended large steel firm to enhance R&D investments up to 1% of their total sales turnover.

Besides, Steel Ministry is facilitating for setting up of Steel Research and Technology Mission of India (SRTMI) and is contributing 50% in the corpus. In-principle nod for setting up of SRTMI has been given and CEOs of major Indian steel firms have signed a Memorandum of Agreement with Steel Ministry for participation and financial contribution in the initiative with an initial corpus of Rs 200 crore.

 

 

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