SAIL To Invest 1.5 Lakh Crore In Next 10 Years On Expansion

Government is putting renewed focus mining and iron and steel sector and various initiatives would be taken to give spurt to the growth of the sector. Exploration of mining and research in steel are thrust areas decided by the government in coming days. In addition expansion of production capacity of SAIL is also on cards with a capex of 1.5 lakh crore. At the same time measures were taken by the government during last one year for preventing illegal mining and fines were also prescribed for illegal mining activities. For giving impetus to the mineral exploration work, National Mineral Exploration Trust was set up by the government and prime focus of government is to protect the environment in mining areas without affecting the growth.

This was told by Narendra Singh Tomar, Minister of Steel and Mines, while launching social schemes yesterday. Commenting about modernization of SAIL steel plants he said a target of 50MT of steel has been set at an expense of 1.5 lakh crore by 2025. On the matter of mining and compliance of issues in the mining sector in Madhya Pradesh, Tomar met Chief Minister Shivraj Singh Chauhan to rectify the problem. Proposals from various Public Sector Companies for new mining leases and mineral prospecting leases as well as for setting up of steel plants and power plants in MP was also discussed during that meeting. Important to note that during Global Investor Summit held in Indore last year, various issues MOUs have been signed to establish plants in MP.

 Minister said that prime focus of government is to put growth engine back on track and for this major infrastructure development agenda is being planned. Already road construction works started for constructing 8,000 kilometers and 11 kilometers per day and Rs. 8000 crore has been earmarked for construction of roads that will connect villages across the country. This will be done under PM’s Gramin Sadak Yojana program.