Govt. to invest Rs 70,000 crore in public sector steel companies in two years
New government has an ambitious plan to investment US$ 148 billion into public sector steel manufacturing companies to double their production from 3 million to 6 million tones per annum.
New Minister of State for Steel Mr A Sai Prathap said that the investment would be made in two years. He was talking to media after taking over the charge on Wednesday morning.
Sai Pratap said that that the consumption of steel in the country needs to be increased and government will make all out efforts in this direction.
Talking about the priorities of his Ministry, Mr Sai Prathap said that plans are afoot to enhance the steel production of National Mineral Development Corporation at Hyderabad to 3 million tones per annum with installation of a new plant in Chhattisgarh.
The Minister said priority will also be given to ensure seamless and transparent access to iron-ore mines for the use of steel companies. He said, for this, amendments will be brought about in the Mines and Minerals Act 1957 in consonance with the Nation.
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