Steel Research and Technology Mission of India

Press Release ID: 113579
Date: Wed, 17 Dec 2014
Ministry: Ministry of Steel

The Minister of State for Steel and Mines, Shri Vishnu Deo Sai said that Ministry of Steel is facilitating setting up 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 said 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.

In a written reply in the Rajya Sabha today, Shri Vishnu Deo Sai said that 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 that 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.

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