Steel Ministry to set up of Steel Research & Technology Mission of India

Posted on:18 Nov 2016 18:09:16

Steel Ministry to set up of Steel Research & Technology Mission of India
18 November 2016 Current Affairs GK: Ministry of Steel is planning to set up Steel Research & Technology Mission of India (SRTMI) to facilitate joint collaborative research projects in the iron and steel sector in India. The conceptualization of SRTMI was done by a high level task force set up by the Union Ministry of Steel.

SRTMI has been setup as a Registered Society wherein the Union Ministry of Steel is a facilitator. It is an industry driven institutional initiative. It will be governed and administered by a Governing Body comprising the CEOs of steel companies, domain experts and a representative from Union Ministry of Steel. The Director of SRTMI will carry out the executive functioning who will be assisted by appropriate supporting structure. Initial corpus for setting up of SRTMI is. 200 crore rupees. Union Ministry of Steel will provide 50% of corpus and the balance will be provided by participating steel companies.

The SRTMI is likely to enhance the R&D investments in the iron and steel industry to the international levels. The R&D investment of the leading steel companies in India in terms of percentage of their turnover is very low and ranges from 0.05 to 0.5% vis-à-vis upto 1%. Some of the steel companies also have formulated R&D masterplans to increase their expenditure in R&D to 1% of their turnover to meet international levels.

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