India Development News & Foreign Investment Opportunities

Govt to facilitate India-foreign tech tie-ups

38 MoUs inked at Bhubaneswar Conclave


38 MoUs inked at Bhubaneswar Conclave


Minister Anant Geete addressing the conclave.


The Government is committed to facilitate technological tie-ups between domestic Capital Goods (CG) producers and their foreign counterparts for capacity building.

Announcing this, Minister for Heavy Industries and Public Enterprises, Anant G Geete, suggested setting up of a machine tools hub in Odisha similar to one set up by the Heavy Industry Ministry in Karnataka.

Speaking at the Steel Conclave at Bhubaneswar on 23 Oct 2018, he also highlighted the Indian manufacturing companies’ capability to manufacture all non-proprietary items.

Meanwhile, the Steel Ministry is working on a purchase preference policy to cover all purchases of steel products, including capital goods.

Disclosing this, Steel Minister Chaudhary Birender Singh said the policy will ensure that products and product categories, yet to be covered, are covered by the Domestically Manufactured Iron & Steel Policy.

This coverage by the proposed policy is in the line as prescribed by the Department of Industrial Policy & Promotion.

CG producers from across the globe inked 38 MoUs with Indian steel companies which will reduce the steel sector’s imports worth Rs.39,400 crore.

The MoUs were signed at a Conclave in Bhubaneswar on 23 Oct 2018. The conclave was organized by Ministry of Steel in association with Confederation of Indian Industry (CII) and MECON.

The National Steel Policy – 2017 envisages creation of 300 million tonnes (MT) of steel capacity in the country by 2030-31, up from existing 130 MT. This capacity increase will see US$25 billion worth of imports of plant and equipment.

The 300 MT industry will also spend about US$500 million annually on import of proprietary and other spares.

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