$70 billion for steel sector in East India
Last week, the Union Government launched the “Purvodaya” programme under which major PSUs like SAIL, IOCL and Coal India and concerned departments of five states— Odisha, West Bengal, Andhra Pradesh, Chattisgarh and Jharkhand – will be working towards accelerating steel production in the region.
For this purpose, the steel ministry is looking to invest $70 billion, that is likely to result in $35 billion addition to the GDP.
Union minister Dharmendra Pradhan said the idea was to promote the region as an integrated steel hub, which can foster growth towards a $5 trillion economy. Critical logistics and infrastructure projects are being identified for an expedition across the twelve major steel zones, which include rail, road and port capacity expansion projects.
According to the National Steel Policy announced in 2017, the government is aiming at a total production capacity of 300 million tonnes by 2030-31 and out of which, around 200 million tonnes is envisaged from the five eastern states.
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