"A roadmap for achieving this (300 million tonnes) target is under preparation," Verma said chairing the 24th meeting of Steel Consumers' Council attached to his Ministry, held at Lucknow.
The remark comes against a backdrop of the government constituting a task force to prepare a blueprint for promoting research and development in the steel sector in a bid to help India treble its steel production capacity.
The country's steel capacity stands at 96 million tonnes per annum at present.
"Ten Steel factories are to be set up at locations like Gonda, Barabanki, Lakhimpur, Hardoi, Jhansi, Kaisergunj, Mirzapur and Ambedkar Nagar, Bahraich. Each plant will be set up at a cost of approximately Rs 100 crore and will provide employment to 200 people", an official release quoted him to say.
Another steel unit is also being set up at Jagdishpur which will have a 13,000 tonnes per annum capacity corrugation unit and a TMT Bar mill of capacity 1,50,000 tonnes per annum, the statement said adding, stockyards are also being set up at Gorakhpur and Gonda.
"Due to ... Efforts of the government, India is today the 4th largest steel producer in the world and the second best in terms of growth rate amongst top 10 steel producing countries," he said.
India became a net exporter of steel during April - December, 2013, he said adding his Ministry has also got the distinction of being the first Ministry under the Government to be awarded ISO 9001:2008 certification.
Verma said to promote industrial development in Uttar Pradesh, a Forged Wheel Plant at Rae Bareli and two Power Plants of 500 Mega Watt each are also being set up at Jagdishpur and Gonda.
"Each power plant will have an investment of Rs 3,000 crore approximately and will provide employment to about 1000 people," the release quoted him as saying.
Stressing that the Government is committed to accelerate growth of the Steel industry through various policy measures, he expressed concern over the gap in steel consumption between rural and urban areas.
He also spoke about the need for raw material securitisation, efficient and cost effective logistics as well as adoption of advanced technologies of steel making, it said.