Corpus fund formed for development in steel sector

Kolkata, Aug 10 (UNI) A corpus fund of Rs 50-60 crore was formed with the contribution by the private sectors for development in the steel industry.

This was announced here today by Mr R S Pandey, Secretary, Ministry of Steel, while inaugurating the National seminar on 'Opportunities in the Steel Industry,' organised by Confederation of Indian Industry (CII).

Mr Pandey said a Research and Development mission for the steel industry was in the offing to utilise the potential and help make the country a global player in steel making.

"Steel industry is on an upswing the world over and India has the potential to emerge as global player in steel making if its inherent advantages of availability of quality iron ore, cost effective labour, technical manpower and growing domestic demand are properly leveraged," Mr Pandey observed.

He informed that Indian steel sector is expecting the entrance of multinational steel giants adding Posco and Arcelor Mittal have already announced plans in this regard and Sinosteel of China has also expressed its eagerness for setting up a unit in the country.

"Experts are of the opinion that more and more steel producing capacities will move to regions closer to the iron ore mines. So, the chances of attracting investments in Orissa, Jharkhand and Chhatisgarh rise," Mr Pandey maintained.

He said the government is leaving no stone unturned for further development of the steel industry and hoped that by 2015, India would become the second largest steel producer in the world after China.

UNI