The steel ministry today said a detailed note to operationalise the Steel Research and Technology Mission of India (SRTMI) is being prepared to be placed before the Cabinet for its approval.
The Ministry of Steel is facilitating the industry driven institutional mechanism SRTMI to facilitate joint collaborative research projects in the iron and steel sector in India.
In a meeting of the Parliamentary Consultative Committee of Ministry of Steel, the role of SRTMI in enhancing research and development capability in India was discussed.
Chairing the meeting the Committee, Steel Minister Birender Singh said innovations and competitiveness in the steel industry in the country is essential for better growth in the sector.
In a statement, the ministry said SRTMI will evolve as a single umbrella body for all steel related research and development in the country with an initial corpus of Rs 200 crore.
The ministry will fund Rs 100 crore and rest will come from the founding members companies from iron and steel sector.
"A comprehensive note to operationalise the SRTMI is being prepared to be placed before the Cabinet for its approval," the release said.
The committee also discussed activities of the CPSE miniratna under Ministry of Steel, MECON Limited.
The National Steel Policy 2017, laying the road map for domestic steel industry for achieving 300 MT production capacity by 2030-31, focuses on developing globally competitive steel manufacturing capabilities.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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