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Domestic steel sector offers immense business opportunities for start-ups, Steel Minister Chaudhary Birender Singh said today. "The steel industry has a huge potential to generate opportunities for start-ups, and as production capacity increases, newer avenues will emerge," the minister said at the inauguration of the steel ministry's pavilion at India International Trade Fair (IITF) 2017 at Pragati Maidan here. The minister also announced a Rs 10 lakh contest #myLOVESTEELidea challenge.
The best three ideas on steel- related innovation, deployment or commercialisation of new product, processes or services or intellectual property would get reward of Rs 5 lakh, Rs 3 lakh and Rs 2 lakh. Singh also said that the country is moving towards 300 MTPA steel production capacity, adopting better technologies and increased leveraging of scrap-based steel making to drive this growth. The industry is also targeting zero waste to be more and more environment-friendly. Steel Secretary Aruna Sharma, , SAIL Chairman P K Singh, RINL Chairman, P Madhusudan, MECON Chairman Atul Bhatt, KIOCL Chairman MV Subba Rao and other senior officials of the ministry were also present at the event.