Steel Ministry to set up of Steel Research & Technology Mission of India
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.
Key Facts
- 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.
Significance
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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Month: Current Affairs - November, 2016