The Steel Ministry has said that it has approved around 83 R&D projects worth Rs 696.27 crore in 2014-15 to expand the industry's product portfolio and help it maintain long-term sustainability, media reported.
Commenting on the issue, a Senior Government Official told the media, "The government is encouraging public sector undertakings and private firms in the steel sector to work on research and development (R&D) projects, particularly on problems relating to utilization of low grade ore and high ash coal."
"Besides, thrust is also being given to develop more value added products for which the country is mostly dependent on imports," he added.
As per reports, to promote R&D in steel, the government has constituted an Empowered Committee (EC) under Steel Secretary for approval and monitoring of R&D projects.
Also, the Government has issued an advisory to the large steel firms for setting up R&D and enhance R&D investment up to 1 per cent of their sales turnover.