The government will create an 'empowered mechanism' to expedite investment proposals of Rs 11 lakh crore (Rs 11 trillion) in the steel sector, steel minister Virbhadra Singh told reporters after taking charge of the ministry.
"I intend to set up an appropriate empowered mechanism for expediting investment proposals and for statutory clearances without prolonged delays," said Singh, a veteran politician who had been chief minister of Himachal Pradesh five times.
A sizeable number of foreign investment proposals are awaiting clearance, the minister said, adding "(Now), 222 memoranda of understanding amounting to Rs 11 lakh crore (Rs 11 trillion) have been signed between various investors and state governments."
His key priority, the minister added, would be to increase production and consumption and ensure optimal utilisation of raw material by producers.
"Our per capita steel consumption is only 46 kg as against a global average of over 150 kg. It would thus be a key national priority to ensure greater consumption of steel, in the country as well as augmentation of production facilities to meet the country's growing steel demand," the minister said.
Singh said he was satisfied that the sector has continued to grow despite fall in global output.
