38 MoUs signed aimed at saving nearly Rs 40000 crore Capital Goods import

Leading Capital Goods (CG) producers from the across the globe inked 38 MoUs with leading Indian steel companies envisaging reduction in imports of CGs meant for the steel sector worth Rs 39,400 crore by promoting manufacturing of capital goods in the country. The MoUs were signed at a Conclave in Bhubaneswar which was organized by Ministry of Steel, Government of India in association with Confederation of Indian Industry (CII) and MECON.

The National Steel Policy - 2017 envisages creation of 300 million tonnes (MT) of steel capacity in the country by 2030-31 as against existing 130 MT. The estimated import of plant and equipment, for reaching 300 MT capacity, will be around USD 25 billion. Further, for meeting the spares requirement, it is estimated that at 300 MT capacity level, India will have to spend about USD 500 million annually for import of proprietary and other spares.

In his keynote address Chief Minister of Odisha, Naveen Patnaik, said the MoUs inked today for the CG sector has the potential of transforming India into a world-class manufacturing hub. CM said that Orissa has a rich mineral base and produces 14% of the country's total mineral production in the country. Orissa is focusing on attracting major investments in the metal sector, the Chief Minister said and added that state has ample potential to become a major steel hub.

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