Union Minister Pradhan lauds Japanese steel industry, invites more investment in India

Union Steel Minister Dharmendra Pradhan on Monday highlighted the need for collaborations between India and Japan for an increase in the usage of steel. 

Underlining Prime Minister Narendra Modi's vision of 5 trillion US dollar economy, he said that various policy reforms and initiatives such as the Pradhan Mantri Awas Yojana, Har Ghar Jal Yojana, speedy construction of roads and railways, creating gas-based economy, new agri-storage facilities and many others will drive an increase in demand for steel.

Dharmendra Pradhan said a large market, increasing policy reforms and abundant raw material make India one of the most attractive global investment destinations in the steel sector.

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Competent Japanese market

The Union Minister praised the technological competence of Japan and invited their industry to invest in India, thus getting into technology transfer partnerships. The move will allow Japan to avail opportunities coming out of growing steel demand and generate employment opportunities in the country.

Speaking at the workshop on 'Enabling Procedures for an increase in steel usage for the growth of Economy,' Dharmendra Pradhan stated that in the next 20 years, India is set to become the largest energy market in the world.

"USD 60 billion is being invested in the creation of energy infrastructure in the country. Addition of about 16,000-km of gas pipelines will further give a boost to steel demand," he said.

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Steel - the backbone of Industrial development

Minister of State for Steel Faggan Singh Kulaste said that steel is crucial to develop a modern economy and is considered to be the backbone of industrial development. He underlined the usage of steel in developing disaster resilient structures.

The workshop witnessed participation from policy-makers, bureaucrats, steel PSUs, integrated steel producers, secondary steel producers, infrastructure developers, equipment manufacturers, user organisations and associations, academicians, secondary steel associations, steel consultants, among others.

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(With inputs from ANI)