In a significant research and development initiative in the Indian steel sector, major Indian steel companies, such as SAIL, Tata Steel, JSW Steel, JSPL, RINL, NMDC, and MECON, signed a MoU with the Ministry of Steel for setting up the Steel Research and Technology Mission of India, (SRTMI) in New Delhi yesterday. The initial corpus for setting up of SRTMI is to the tune of Rs 200 crore, which will be equally borne by the Steel Development Fund of the Ministry and the group of participating companies.
SRTMI aims at increasing investment on research and development in the steel sector from a current 0.2-0.3 percent of turnover to the international benchmark of 1-2 percent of turnover.
The conceptualisation of SRTMI was done by a high level task force set up by the Ministry of Steel. The task force had recommended that SRTMI be formed as a registered society in close cooperation amongst the steel companies, Ministry of Steel, academia, and other institutions in the country. SRTMI will be governed by a Governing Board of CEOs of steel and associated companies, domain experts of national and international repute, and nominees from Ministry of Steel. There will be an Oversight Committee under the Chairmanship of Secretary (Steel) to periodically assess the functioning and performance of SRTMI.
SRTMI will carry out research in priority areas of national importance covering best usage of available raw materials and conservation of natural resources, optimum energy conservation and minimum emissions, innovations and in-house development of design, and engineering and manufacturing facilities of key steel plant equipments.
Narendra Singh Tomar, Minister for Steel and Mines was present during the signing of MoU. He expressed hope that if the same enthusiasm and spirit can be maintained at all times, the joint initiative of the steel industry and the government will yield significant results, and can play a major role in creating employment.
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