Key Facts for Prelims
- Steel Hub is launched by Minster of Steel
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Key Facts for Prelims
Steel Hub is launched by Minister of Steel
Minister of Petroleum and Natural Gas & Steel launched Mission PURVODAYA: Accelerated development of eastern India through integrated steel hub in Kolkata, West Bengal.
- Through this programme, the government aims to transform logistics and utilities infrastructure which would change the socio-economic landscape in the eastern India.
- The steps, under mission, also include growth of steel industry along with employment opportunities across the entire value chain.
INTEGRATED STEEL HUB
- The steel hub encompasses Odisha, Jharkhand, Chhattisgarh, West Bengal and Northern Andhra Pradesh.
- It aims to attract investment of nearly $70 billion in the steel sector and spur economic growth across eastern India.
- It is a part of Mission Purvodaya initiative which has been launched for the focused development of eastern states.
- The project will focus on three key elements:
- Capacity addition through easing the setup of greenfield steel plants.
- Development of steel clusters near integrated steel plants as well as demand centres.
- Transformation of logistics and utilities infrastructure in the eastern region.
SIGNIFICANCE OF THE STEEL HUB
- Government estimates suggest capacity addition in the steel hub would entail capital investments of over $70 billion.
- It will lead to an incremental Gross State Domestic Product of over $35 billion through steel alone.
- It will create over 5 million jobs across the steel value chain in the region.
- The steel hub which will serve as a catalyst in the transformation of the eastern region following the Rs 100 lakh crore infrastructure investment (through National Infrastructure Pipeline) announced by the government in the next 5 years.
THE EASTERN STATES
- The eastern states are rich in natural resources and collectively hold nearly 80% of the country’s iron ore, most of domestic coking coal reserves and significant portion of chromite, bauxite and dolomite reserves.
- The eastern belt has the potential to add more than 75% of the country’s incremental steel capacity envisioned by the National Steel Policy.
- Out of the 300 mt steel capacity by 2030-31, the region alone is capable of contributing over 200 mt.