New Delhi: Stressing upon the need to increase focus on R&D, Steel Minister Chaudhary Birendra Singh today said innovation in the sector has been lagging.
He also called for increasing utilisation of steel in sectors such as roads and bridges in a bid to raise the consumption of the metal.
"We are lagging in innovation and original research, which needs to be stepped up if we need to raise our efficiency levels as well as stay competitive," Singh said at Minerals, Metals, Metallurgy and Materials International exhibition and conference (MMMM 2016) here.
The global conference is organised by Indian Institute of Metals in association with ITE Group, PLC, every two years.
"This is precisely why we have set up the Steel Research & Technology Mission of India (SRTMI), so that India, like developed nations, can produce futuristic products, which not only helps keep the sector competitive but also explores others uses for the metal," he said.
On increasing steel consumption, the Minister said that the industry must explore use of steel in sectors such as roads, bridges, other industrial applications, etc so that the consumption can be increased.
Steel Secretary Aruna Sharma said only way to mitigate impact of low international prices is to achieve operational efficiency and optimal use of resources.
The quality of steel that is produced and its domestic consumption needs to be enhanced aggressively, which is also being addressed by the government as it thrust on ramping up infrastructure in the country will act as a driving factor for raising demand, she added.
MMMM 2016, the biennial B2B event, is organised by the Indian Institute of Metals in collaboration with conferences and fair organiser ITE Group, PLC. Managing Director of ITE Group (India Operations) Udo Schuertzmann said over 300 exhibitors from 25 countries are participating in MMMM 2016.
The conference has seen participation countries like China, USA, Russia, France, Germany and UK. Besides, trade delegations from 7 countries are exploring investment opportunities in India, he added.
