The Indian government will provide an initial capital of INR 1 billion ($16 million) for setting up the Steel Research and Technology Mission of India (SRTMI) and matching contributions from domestic steel companies, a statement issued by India’s Ministry of Steel said on Friday, September 22.
SRTMI, which has been forwarded to the Cabinet of Ministers for formal approval and fund sanction, will aim to promote collaborative research projects in the iron and steel sector, the statement said.
According to government estimates, investments in research and development of steel companies in India is very low and range between 0.05 percent to 0.5 percent of turnover of most steel companies and SRTMI will aim to rectify this.