Setting up of Industry Driven SRTMI

New Delhi: Ministry of Steel is facilitating an Industry driven institutional mechanism namely Steel Research & Technology Mission of India (SRTMI), to facilitate joint collaborative research projects in the iron & steel sector in India. The salient features of SRTMI are as under:

·SRTMI is an industry driven initiative which has been setup as a Registered Society wherein Ministry of Steel is a facilitator.

·SRTMI will be governed and administered by a Governing Body comprising the steel CEOs, Domain Experts and a representative of Ministry of Steel.

·The executive functioning of SRTMI will be carried out by the Director, SRTMI, who will be assisted by a suitable/appropriate supporting structure.

·Initial corpus for setting up of SRTMI is Rs. 200 crore of which 50% is to be provided by Ministry of Steel and the balance by the participating steel companies.

·Thereafter, the centre will run on yearly contributions from the steel companies based on their turnover of the previous year.

The R&D investment of the leading steel companies in India in terms of percentage of their turnover ranges from 0.05 to 0.5% vis-à-vis upto 1% in leading steel companies internationally. Some of the steel companies have also formulated their R&D masterplans to increase their R&D expenditure to 1% of their turnover. SRTMI is likely to enhance the R&D investments in the industry to international levels.

This information was given by the Minister of State in the Ministry of Mines Sh. Vishnu Deo Sai in reply to a question in Rajya Sabha today.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.