The Union Minister of Steel, Chaudhary Birender Singh chaired a meeting of Consultative Committee of Ministry of Steel in New Delhi today.Welcoming the members of the Parliamentary Consultative Committee of Ministry of Steel the Chairman & Steel Minister said that innovations and competitiveness in the steel industry in the country is essential for better growth in the sector. The National Steel Policy 2017 laying the roadmap for domestic steel industry for achieving 300 MT production capacity by 2030-31, focuses on developing globally competitive steel manufacturing capabilities, through innovations and new technology by the Steel Research &Technology Mission of India (SRTMI). The Committee discussed activities of the CPSE miniratna under Ministry of Steel, MECON Limited and the role of SRTMI in enhancing the Research & Development capability in India. SRTMI will evolve as a single umbrella body for all steel related research and development in the country with an initial corpus of Rs. 200 crore out of which Rs. 100 crore will be funded by Ministry of Steel and the balance Rs. 100 crore by the founding members companies from iron & steel sector. A comprehensive note to operationalise the SRTMI is being prepared to be placed before the Cabinet for its approval.