Kolkata, Jan 11 (IANS): Union Steel Minister Chaudhary Birender Singh on Thursday said a cabinet note will be moved next week for putting up the the Steel Research and Technology Mission of India (SRTMI) to boost research and development in the sector.

"Research and development (R&D) and innovations are the weak link. We have decided to put up the Steel Research and Technology Mission of India (SRTMI) and director has already been appointed. An amount of Rs 200 crore has been placed at its disposal. We are moving a cabinet note next week," he said here at a session organised by Bharat Chamber of Commerce.

He also said exports of 1.5 percent of total production would not be enough and exports of steel should improve to 6-7 per cent of total production in the next few years.

The Centre had unveiled the New Steel Policy, 2017 which aspired to achieve 300MT of steel-making capacity by 2030. This would translate into additional investment of Rs 10 lakh Crore by 2030-31.

The Policy seeks to increase consumption of steel and major segments are infrastructure, automobiles and housing. New Steel Policy seeks to increase per capita steel consumption to the level of 160 kilos by 2030 from the existing level of around 60 kilos.