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.