Prime Minister Narendra Modi-led Union Cabinet has approved the Memorandum of Understanding (MoU) between India and Russia on cooperation regarding coking coal, which is used for steel making.
An official release stated that the MoU will benefit the entire steel sector by reducing its input cost. This may lead to a reduction in the cost of steel in the country and promote equity and inclusiveness.
The MoU will provide an institutional mechanism for cooperation in the coking coal sector between India and Russia.
The objective of the MoU is to strengthen cooperation between the two governments in the steel sector. The activities involved in the cooperation are aimed at diversifying source of coking coal.
( With inputs from ANI )
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