APN News

  • Monday, June, 2024| Today's Market | Current Time: 05:39:17
  • The government today stressed the need to cut import dependence for special grade steel.

    Union Minister of State for Steel Faggan Singh Kulaste, while speaking at a FICCI event,  exhorted the domestic players to go for research and development activities .

    Mr Kulaste said, though the country is the second largest producer of crude steel in the world, it is hugely dependent on imports for special grade steel.

    The minister asked steel makers to identify those grades of steel which are not manufactured in the country and are widely used and develop them in India.

    He said the industry players can do research and development (R&D) activities, go for transfer of technology or form Joint Venture to set up special grade steel plants in the country. 

    Mr Kulaste said, this will help India become Aatmanirbhar in value-added steel and save huge forex outgo besides generating employment opportunities.

    Our correspondent reports, the government has also prepared a draft framework policy for development of steel clusters in the country that will help to increase production of value-added steel and generate employment.


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