There has been a 6.5% compound annual growth rate (CAGR) in steel production capacity in the country from the years 2012-13 to 2014-15 and the trend is likely to continue during the year 2015-16 and increase thereafter, said Narendra Singh Tomar, Minister of Steel and Mines, in the Rajya Sabha on Wednesday.
He further added that Jharkhand is an important steel-producing state and will continue to show strong growth in this sector in the future.
SAIL has a proposal to invest more than Rs 19,000 crore in Jharkhand in modernising its Bokaro Steel Plant, expansion of the Gua and Chiria mines etc.
Further, the Government of India, NMDC (a Central public sector enterprise under the Ministry of Steel) and the government of Jharkhand have also signed an memorandum of understanding (MoU) to set up a 3 million tons per annum (mtpa) greenfield steel plant through a special purpose vehicle (SPV) in Jharkhand at an estimated cost of Rs 18,000 crore.
Source: ISMW