Indian steel majors urged to invest more in steel research

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The steel ministry has urged Indian steel majors to take a visionary approach in promoting research programs.

To spur investments in R&D, the ministry has asked the government to consider enhancing the deduction on expenditure under Section 35 of the Income Tax Act to 150% from 125% now.

In a recent policy paper on the status of R&D, the ministry pointed out that actual investment by companies was just about 0.15% of their total turnover.