India’s Union Steel Minister Mr Ram Chandra Prasad Singh has reviewed the capital expenditure incurred by Steel CPSE SAIL, NMDC, RINL, KIOCL MOIL & MECON during the FY 2021-22 and assessed the plans of the CPSEs for achieving the CAPEX targets for the current year 2022-23. It was noted that in FY 2021-22 the CAPEX spending by Steel CPSEs was INR 10,038 crores, an increase of 38% over the CAPEX of INR 7,266.7 crores for FY 2020-21. The CAPEX target for FY 2022-23 in respect of Steel CPSEs is INR 13,156.5 crores. Steel Minister emphasized the importance of timely capital expenditure for enhancing steel production capacity, modernizing old plant equipment, and taking up environmentally efficient technologies for the future. Union Minister of Steel advised the CPSEs to adhere to their monthly CAPEX Plans and closely monitor projects for ensuring time bound implementation and achievement of annual target successfully on time. The Minister gave directions to Steel CPSEs to plan their capital projects prudently in line with the NSP 2017. In order to ensure their capacity goes up by about 80% from present level to reach 45 million tonne per annum by 2030-31 from the present level of around 25 million tonne per annum. The Minister further stressed that CPSEs should take adequate measure to incorporate the learning’s from the past and current expansion projects in their future plans to ensure adherence to the envisaged capacity expansion. Mr Ram Chandra Prasad Singh also directed the CMDs of the Steel CPSEs to develop their exploration expertise, work for capacity enhancement while keeping climate concerns in mind and work towards production of Green Steel, plan and prepare the roadmap for ‘Amrit Kal’, reinvent and develop expertise for future needs and prepare their skilling road maps accordingly and to also diversify their portfolios with a view to remaining competitive in the market.
India’s Union Steel Minister Mr Ram Chandra Prasad Singh has reviewed the capital expenditure incurred by Steel CPSE SAIL, NMDC, RINL, KIOCL MOIL & MECON during the FY 2021-22 and assessed the plans of the CPSEs for achieving the CAPEX targets for the current year 2022-23. It was noted that in FY 2021-22 the CAPEX spending by Steel CPSEs was INR 10,038 crores, an increase of 38% over the CAPEX of INR 7,266.7 crores for FY 2020-21. The CAPEX target for FY 2022-23 in respect of Steel CPSEs is INR 13,156.5 crores. Steel Minister emphasized the importance of timely capital expenditure for enhancing steel production capacity, modernizing old plant equipment, and taking up environmentally efficient technologies for the future. Union Minister of Steel advised the CPSEs to adhere to their monthly CAPEX Plans and closely monitor projects for ensuring time bound implementation and achievement of annual target successfully on time. The Minister gave directions to Steel CPSEs to plan their capital projects prudently in line with the NSP 2017. In order to ensure their capacity goes up by about 80% from present level to reach 45 million tonne per annum by 2030-31 from the present level of around 25 million tonne per annum. The Minister further stressed that CPSEs should take adequate measure to incorporate the learning’s from the past and current expansion projects in their future plans to ensure adherence to the envisaged capacity expansion. Mr Ram Chandra Prasad Singh also directed the CMDs of the Steel CPSEs to develop their exploration expertise, work for capacity enhancement while keeping climate concerns in mind and work towards production of Green Steel, plan and prepare the roadmap for ‘Amrit Kal’, reinvent and develop expertise for future needs and prepare their skilling road maps accordingly and to also diversify their portfolios with a view to remaining competitive in the market.
