New Delhi : Union Minister of State for Steel Faggan Singh Kulaste on Monday directed the steel companies to invest in research and development activities to make new special grade products in the country. The move will help boost the domestic consumption of various grades steel, he said.
Kulaste made the remarks at the 41st India International Trade Fair which began on Monday.
“The players must invest in R&D (research and development), make new products. All this will increase our domestic steel consumption,” he told PTI after visiting the pavilions of steel companies at the 14-day event.
Steel makers must go for transfer of technology or form joint venture to set up special grade steel plants in the country, the minister had earlier said.
Value-added steel or special grade steel is used in segments like power, ship, rail, metro, defence, auto etc. The demand for steel used by these industries is being met through imports.