By TIOL News Service

NEW DELHI, FEB 24, 2021: THE metals and mining sector can play an important role in taking India down the road of self-sufficiency said Minister of Petroleum, Natural Gas and Steel Mr Dharmendra Pradhan on Wednesday at an event marking National Metallurgists Day.

Mr Pradhan said the sector is "vibrant and growing" and holds tremendous potential for growth of the economy.

"Metals and mining sector can play an important role in the making of an Aatmanirbhar Bharat," he said.

Inviting the industry to take full advantage of the Production Linked Incentive (PLI) scheme for specialty steel, Mr Pradhan called it a major reform in the sector for boosting indigenous production.

He said the government is clear that the natural resources of the country belong to its citizens. "Thus, we adopted a transparent, accountable mechanism for allocation of natural resources," the minister noted.

Describing Budget 2021-22 as "path-breaking, progressive and pro-growth," the minister said that it provides unprecedented focus on infrastructure creation for the future which will lead to increased demand for steel.

Mr Pradhan said there is need to develop intellectual property and technology in the areas of advanced steels and alloys, so that the critical requirements are satisfied indigenously, and the export horizon expands.

Highlighting the role of research and development, he said that Centres of Excellence (CoE) will be established in Indian Institute of Technologies (IITs).

"We are also working to create world class facility for metallurgical engineering and development of human resources for the steel sector. CoE have been approved to be set up in IITs. The Steel Research and Technology Mission of India has been set up to promote joint collaborative research projects of national importance in iron and steel sector," he added.