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Pradhan invites Japan to invest in steel sector

Steel Minister Dharmendra Pradhan lauded Japan’s technological competence and invited the Japanese industry to invest in the steel sector
New Delhi: Steel Minister Dharmendra Pradhan lauded Japan’s technological competence on Monday and invited the Japanese industry to invest in India and get into technology transfer partnerships in the steel sector. He was speaking at a workshop on ‘Enabling Procedures for an increase of steel usage for the growth of Economy.’ Pradhan urged Japan to tap the opportunities arising out of growing steel demand and generate employment opportunities in the country. Speaking about the Indian steel sector, he said that with a large market, policy reforms, an abundance of raw material, India is one of the most attractive global investment destinations.

‘Steel sector set to witness growth in demand’

Addressing the inaugural session, Pradhan focussed on collaborations of India and Japan to increase steel usage. Speaking about Prime Minister Narendra Modi’s vision of 5 trillion dollar economy, he said that various policy reforms and governments’ initiatives like Pradhan Mantri Awas Yojana, Har Ghar Jal Yojana, unprecedented speed of construction in railways and roads, creation of a gas-based economy, creation of new agri-storage facilities and many others are set to drive steel demand growth which the steel sector can capitalise on. Speaking about the energy sector, he said that in the next 20 years, India is set to be the largest energy market in the world. $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.

Govt working to increase steel usage: Kulaste

Speaking on the occasion, the Minister of State for Steel Faggan Singh Kulaste said that steel is crucial to the development of any modern economy and is considered to be the backbone of industrial development. He mentioned about the usage of steel in developing disaster resilient structures. Kulaste said that the ministry is coordinating with other ministries to increase steel usage in government initiatives. He also highlighted the importance of such workshops emphasising these will help to generate employment opportunities across the sector.

The workshop

The workshop aimed to hold deliberations among key stakeholders to further increase steel usage in sectors such as construction and infrastructure for the growth of the economy. The workshop was organised by the Ministry of Steel, in collaboration with Confederation of Indian Industries (CII), Ministry of Economy, Trade and Industry, Government of Japan and The Association for Overseas Technical Cooperation and Sustainable Partnerships of Japan. The Ambassador of Japan to India, Satoshi Suzuki, also participated in the workshop. Policymakers, 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, took part in the workshop.