Moneycontrol
Jun 16, 2017 10:37 PM IST | Source: PTI

Steel Minister lays stress on R&D in the sector to cut imports

There is a need to intensify research and development in order to produce value-added and special steel by FY 2020 and cut reliance on imports to meet domestic demand, steel minister Chaudhary Birender Singh said.

Steel Minister lays stress on R&D in the sector to cut imports

There is a need to intensify research and development in order to produce value-added and special steel by FY 2020 and cut reliance on imports to meet domestic demand, steel minister Chaudhary Birender Singh said.

"We have to intensify our research and development efforts for production of value added and special steels including auto grade steel, CRGO, CRNO, etc. by 2019-20," Singh was quoted as saying in a release by the steel ministry.

This would make India self-reliant in sectors like automobile and defence for which the country depends on imports to meet demand, the minister said.

The minister was addressing the second meeting of recently-constituted National Steel Consumers’ Council in Bhubaneswar.

The new steel policy (NSP), he said, would focus on ensuring security of raw material, substitution of importance and enhance the consumption of alloy.

Singh said that with the roll out the policy, it is envisaged that the industry will be steered with appropriate policy support in creating an environment for promoting domestic steel and thereby ensuring that production meets the anticipated pace of growth in demand.

He also said that to enhance steel consumption, the ministry has identified construction and manufacturing sectors like rural development, urban infrastructure and railways to be the key focus areas.
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