News:Ministry of steel in partnership with CII and JPC is organising the launch of Purvodaya-Accelerated Development of Eastern Region through an Integrated Steel hub.
Facts:
Background:
- The Eastern region of India though extremely rich in resources lags behind other states in terms of development.
- Hence,the Integrated Steel Hub was launched in Eastern states of India as it collectively hold ~80% of the country’s iron ore, ~100% of coking coal and significant portion of chromite, bauxite and dolomite reserves.
About Integrated Steel Hub:
- The initiative aims at developing the eastern states through an integrated steel hub.
- The proposed Integrated Steel Hub would encompass the states of Odisha, Jharkhand, Chhattisgarh, West Bengal and Northern Andhra Pradesh.
- The hub would enable swift capacity addition and improve overall competitiveness of steel producers both in terms of cost and quality.
- In addition to increased steel capacity, this hub would also help enhance best-in-class value addition capabilities.
Components:The Integrated Steel Hub would focus on 3 key elements namely:
- 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 which would change the socio-economic landscape in the East.
These elements would be supported through additional enablers such as ensuring the availability of raw materials, presence of supporting industries such as capital goods and well-established avenues for skill development.
Benefits of the Hub:
- It would lead to socio-economic development in the Eastern region.
- It helps in significant employment opportunities across the entire value chain creating over 2.5 Million jobs in the region.
- It would also spur development in other manufacturing industries across sectors.
