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

Press Trust of India  |  New Delhi 

There is a need to intensify research and development in order to produce value-added and special steel by FY2020 and cut on 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 self-reliant in sectors like automobile and defence for which the country depends on to meet demand, the minister said.

The minister was addressing the second meeting of recently-constituted 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 16 2017. 19:57 IST