Government initiates SRT MI

NEW DELHI (Scrap Monster): The government has been, for a while now, discussing about the initiation of this matter with the private as well as the public sector steel makers in the country. Vishnu Deo Sai, the Minister of steel and Mines, stated that, the government is planning on to invest 31.56 million dollars in the proposed mission, of which will be partially invested by the Ministry of Steel and Mines, and partially by the steel making companies joining the mission.

He also stated that the global steel manufacturing companies based in the country will have to 1 to 2 percent of their annual turnover to the R&D. As for the domestic steel manufacturing companies in the country, they will have to pay 0.15 percent to 0.3 percent to the R&D.

He stated that, the decline in the availability of the raw materials and also high price of the commodity in the domestic sector is the reason why the steel imports in the country is rising. The steel imports to India has been rising highly since the year 2009-2010. In the year 2013-2014, the import rate of the commodity increased to 5.368 million tonnes, compared to the 4.38 million tonnes, in the year 2012-2013. In the financial year 0f 2010-2011, the country has imported about 3.4 million tonnes of steel.