The Steel Ministry has been making concerted efforts for the development of the Steel Sector in India. The Steel Ministry through its PSUs namely SAIL and RINL has launched a rural dealership scheme to provide steel at the doorstep of the rural customers. Besides this a promotional campaign has also been launched by the steel ministry that aims at popularizing the use of steel.

With the aim of providing a shot in the arm to steel makers who do not have backward linkages and to encourage use of Indian ore in the country, the Steel Ministry has recommended the increase of export duty to 30%.

Besides, a High Level committee has been constituted under the Chairmanship of Additional Secretary and Financial Secretary. The CMDs of SAIL, RINL, NMDC and concerned Joint Secretaries of the PSUs to study various issues related to imported coking coal.

The Steel Ministry has also prepared a Research and Development (R&D) policy which aims at increasing the R&D investments in India from the current levels of 0.15 - 0.3% of turnover to 1% by the year 2015-16 and 2% by the year 2020. The policy would also focus on development of Alternative Iron making technologies and adoption of technologies like FINEX, FASTMET / FASTMELT, ITmK3. The policy also aims at providing incentives for providing incentives to encourage setting-up iron ore beneficiation & coal cleaning facilities.

The policy would also aim at strengthening in-house R&D set-ups of steel companies and development of indigenous capabilities for designing / engineering and equipment manufacturing.

02 February 2012