Steel firms ink 38 Mous with cap­i­tal goods pro­duc­ers

Governance Now - - MOVEMENT -

The min­istry of steel’s con­clave on cap­i­tal goods, jointly or­gan­ised with the Con­fed­er­a­tion of In­dian In­dus­try (CII) and MECON, wit­nessed a ma­jor de­vel­op­ment af­ter cap­i­tal goods (CG) pro­duc­ers from across the world signed 38 Mous with In­dian steel com­pa­nies in Bhubaneswar.

The agree­ments will re­duce im­ports for the steel sec­tor worth ₹39,400 crore.

Steel min­is­ter Chaud­hary Biren­der singh said that in or­der to en­sure that the Mous signed cul­mi­nate into man­u­fac­tur­ing of cap­i­tal goods, a pur­chase pref­er­ence pol­icy to cover all pur­chases of steel prod­ucts, in­clud­ing cap­i­tal goods, is be­ing worked out by the min­istry.

The na­tional steel Pol­icy – 2017 en­vis­ages cre­ation of 300 mil­lion tonnes (MT) of steel ca­pac­ity in the coun­try by 203031 as against ex­ist­ing 130 MT. The es­ti­mated im­port of plant and equip­ment, for reach­ing 300 MT ca­pac­ity will be around $25 bil­lion. Fur­ther, for meet­ing the spares re­quire­ment, it is es­ti­mated that at 300 MT ca­pac­ity level, In­dia will have to spend about $500 mil­lion an­nu­ally for im­port of pro­pri­etary. Odisha chief min­is­ter Naveen Pat­naik said the pacts have the po­ten­tial of trans­form­ing In­dia into a world-class man­u­fac­tur­ing hub.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.