Kolkata: Steel Minister B K Tripathy on January 30 regretted that Indian steel industry did not come forward to undertake indigenous research in iron and steel sector in a big way despite financial assistance by his Ministry.

Stating that his ministry was providing financial assistance to encourage indigenous research, the Steel Minister said it was unfortunate that the number and quality of the proposals received for this purpose were far from satisfactory.

Tripathy, who was speaking at an international steel seminar in Kolkata, urged the country's steel industry and national research laboratories to make maximum use of this facility.

He said the Centre's policies were conducive for injecting the desired level of technological dynamism in Indian industry.

Foreign technology induction was encouraged both through foreign direct investment (FDI) as well as through foreign technology collaboration agreement, he said adding that indigenous research should also be encouraged.

Referring to the resurgence in national and international steel demand, which led to firming up of steel prices all over the world, he said it would improve the bottom lines of the steel companies and exhorted them to undertake continuous upgradation of technologies to reduce the cost of production.

Indian steel industry has no option but to be cost effective and globally competitive, he said.

PTI