Union Steel Minister Reviews CPSEs’ capex progress for 2021-2022

The Union Steel Minister, Ram Chandra Prasad Singh on Thursday reviewed the progress of the capital expenditure (Capex) target of Rs 13,300 crore for the year 2021-22 announced by state-owned steel and iron ore companies.

“The Union Minister emphasized the utmost importance of timely completion of project works. He advised setting daily targets and close monitoring for time-bound project implementation,” Press Information Bureau said in a statement. Steel Minister of State, Faggan Singh Kulaste and the chief managing directors of Steel central public sector enterprises (CPSEs) from SAIL, NMDC, RINL, KIOCL MOIL and MECON and senior officers of the Ministry of Steel attended the meeting.

This achievement of targets shall motivate the workforce, enhance India’s steel production and spur higher growth, the statement said. The minister directed CMDs to redouble efforts to ensure that there are no slippages in milestones for achieving the project targets for the year 2021-22.


“The Steel Minister reviewed the capital expenditure done till November in FY 2021-22, by PSUs. Minister Singh advised the CMDs to plan for the remaining period of the financial year on a daily basis to meet the shortfall in target achievement,” the statement said.



Commerce minister appeals to steelmakers to address issues of MSMEs and exporters
In yet another meeting on Thursday, the Minister for Commerce & Industry, Piyush Goyal appealed to steel makers to explore the possibilities of offering relief to small industries and exporters. The meeting was convened to address the issues raised by small industries and exporters about steel input prices.

Speaking on the occasion, Goyal said that special care of MSMEs needs to be taken for an easier and cost-effective supply of Steel.

He asked the Steel Industry stakeholders to assess the manufacturing costs and explore the possibilities of offering relief to small industries using steel as input for the manufacturing of components and other engineering products.

“Steel Industry stakeholders showed intent to support Small and Medium enterprises and exporters. They assured the Small Enterprises and Exporters about finding affordable solutions to address their challenges especially in the wake of the pandemic,” the PIB said in a statement.

The meeting was attended by the Union Minister of Steel, Ram Chandra Prasad Singh, Minister of MSME, Narayan Tatu Rane. From the steel industry, senior executives from Tata Steel, JSW Steel, SAIL and RINL attended the meeting.

Federation of Indian Exporters Organization (FIEO),. Ajay Shai, Mohit Jauhari of Auto Components Manufacturers Association (ACMA) and Chairman, EEPC, Mahesh Desai and Secretary-General of All India Cycle Manufacturers Association, Dr K.B Thakur also attended the meeting.