Indian government has approved Andhra Pradesh government’s proposals to set up a steel cluster on about a thousand acres at Pudimadaka near Visakhapatnam. AP’s State Industry Development Board, Andhra Pradesh Industrial Infrastructure Corporation and a team of industry officials held talks with officials of various departments in Delhi to attract investment in key sectors under the Product Based Subsidies.
The ancillary steel cluster will increase export opportunities by reducing manufacturing costs and generate employment locally. It also endeavours to make the domestic steel industry more efficient and global competitive.
The Ministry of Steel has prepared a draft framework policy for development of steel clusters in the country. The draft framework policy for development of steel clusters is aimed at facilitating setting up of Greenfield steel clusters along with development & expansion of existing steel clusters.