Union steel ministry is reportedly taking steps to expedite big ticket investment projects, which are held up owing to various issues in the steel sector.
In Odisha itself, eight projects are stuck because of reasons like lack of statutory clearances, non-availability of raw material linkage and law and order problem during land acquisition.
These projects are proposed by Posco India, Tata Steel, Jindal Steel and Power (JSPL), Essar Steel, Visa Steel, Uttam Galva Steel, Monnet Ispat and Energy and Amtek Metal and Mining.
Posco’s Rs 52,810 crore proposed integrated steel project in Odisha is delayed inordinately owing to a host of problems.
The steel ministry is expected to review the progress and the impediments encountered by these projects and discuss the same with the proponents of these projects soon, reports indicate.
A vibrant steel sector is critical for sustaining the growth of a rapidly industrialising and mordernising economy such as India.
In the last decade, Indian steel industry grew at a compounded rate of 9.5 per cent making the country the fourth largest steel producer in the world.
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