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India is the “third largest producer of steel in the world today and with the support of the industry India could be the second largest steel producer by 2020” said Union Steel Minister Narendra Singh Tomar, while naugurating India steel 2015 in Mumbai yesterday, while promising that “the Government would extend all cooperation and support to achieve this objective”.

 

In his address at the event organised by FICCI, the minister announced that the Government and industry have agreed to work together in research and development. An initiative called ‘Steel Research Technology Mission for India’ has been launched, through which R&D in the sector will be increased. “We need research and work in areas where we don’t have the technology,” said the minister, calling for a healthy exchange of ideas between the various experts.

 

Discussing the importance of steel for the mining industry, the minister announced that the Mines and Minerals Development and Regulation (MMDR) Act has been passed by Parliament. This will provide a level playing field for all participants. Through this Act, the Government has tried to reduce delays in obtaining mining leases. Approvals can be obtained at the state level when possible, and there is no need to reapply with the Central Government. Rakesh Singh, Secretary, Ministry of Steel, Government of India, delivered the keynote address at the inaugural session. “The steel industry forms the basic pillar for any country’s economic development,” he said, and went on to add that it assumes far greater importance for emerging economies like India.