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