Scheme for promotion of Research and Development in Iron & Steel sector

During the 11th Five Year Plan, a new scheme viz. “Scheme for promotion of Research and Development in Iron & Steel sector” has been approved with a budgetary provision of Rs. 118 crore for implementation. The objective of the scheme is to develop path-breaking technologies in an environment friendly manner. The scheme was approved by Ministry of Finance with the observation that the scheme may be initiated in the Financial Year 2009-10. The Working Group on Steel Industry set up by the Planning Commission for the 11th Five-Year Plan (2007-12) had projected a total demand of 70.34 MMT for finished steel and a total production of 80.23 MMT of crude steel by the end of the 11th Plan, that is, 2011-12. Both the 11th Plan projections and the NSP targets are likely to be considerably surpassed.