The state government in Karnataka is planning to add muscle by helping to establish steel industries in three districts with an investment of Rs 15,000 Crore during the next four to five years.
The government is looking to improve existing infrastructure in Bellary, Chitradurga and Tumkur. The areas already host several steel plants and iron ore mines and the new development will give a boost to the industries. The government is also planning to launch a special purpose vehicle for developing the infrastructure in the area.
HR Srinivasa, Director of Department of Mines said at a conference titled, ‘Ore team’s second annual conference on Karnataka: Past, Present & Future’, “We’ve been collecting 10 per cent of revenue as royalty from steel companies and iron ore mines. So far, we’ve collected Rs. 2,500 Crore and are expecting to collect Rs. 800 Crore hence forth every year. All this money will be utilised for the development of infrastructure at the three districts.”
The industry had suffered a lot due to the actions of the unscrupulous miners. The Director pointed out that the time has come to take some positive steps to compensate for the negative climate in the industry prevailing since the two years.
