The finance ministry has committed to supporting the recovery of Rashtriya Ispat Nigam Limited (RINL) through innovative financial mechanisms and debt restructuring, Union steel minister HD Kumaraswamy said.

In an official statement, Kumaraswamy said Prime Minister Narendra Modi supports the revival of RINL.

"Prime Minister Modi, through the PMO, reaffirmed that a strong and self-reliant steel sector is vital to achieving India's long- term developmental goals. He emphasised that RINL's revival will bolster India's manufacturing capabilities, reduce dependence on imports, and play a pivotal role in fulfilling the infrastructure and industrial needs outlined in the vision of Viksit Bharat 2047," the statement, issued after a meeting between Kumaraswamy and officials from the Prime Minister's Office (PMO), said.

"Discussions underscored the collaborative efforts between the ministry of steel and the finance ministry to ensure that the state-owned steel plant regains its former stature as a national industrial asset," the statement said.

RINL is facing financial constraints due to mounting debt, operational inefficiencies, and global market pressures. Kumaraswamy, in his revival blueprint for RINL, has focused on debt restructuring, modernization of facilities, increased private sector participation, and expanding export potential, the statement said.