On Monday, 24th February 2020, Union Steel Minister Dharmendra Pradhan, urged Japanese investors to invest in the Indian Steel Sector. He said the country has a fast-growing market and there will be an increase in the steel consumption in the near future. He also gave surety to the investors that he will support them in setting up businesses in India.
Pradhan was speaking at a workshop on ‘Enabling Procedures for Increase of Steel Usage for the Growth of Economy’ event which was jointly organized by ministry of steel, industry body CII and Ministry of Economy, Trade and Industry, Japan.
“We are here to discuss topics such as increase of steel usage in India, market in India, economic growth. We (India) aim to become a USD 5 trillion economy by 2024-25. India would spend about Rs. 100 lakh crore on infrastructure. All this will result in increased use of steel,” he continued.
The Indian governments’ ambitious housing scheme Pradhan Mantri Awas Yojana will be completed by 2022. To build homes under this scheme, large quantities of steel will be required.
He said, “We (India) also aim to set up new gas pipelines of 14000 km in next 3 years. Our aim is to provide piped water to every household. So there are lots of areas where steel finds application.”
Another key focus area where large amount of steel will be needed is Railways, roadways, highways and bridges.
While assuring full government support to them for setting up businesses in India, he said, “All these areas will require different grades of steel and Japan which is a master in technology can explore business opportunities in our steel sector.”