Union Minister for Steel and Petroleum & Natural Gas Dharmendra Pradhan, focussed on collaborations of India and Japan to increase steel usage while speaking in a workshop on ‘Enabling Procedures for increase of steel usage for the growth of Economy’.
Highlighting the Prime Minister Narendra Modi’s vision of 5 trillion dollar economy, he said that various policy reforms and Government’s 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.
Speaking about Indian steel sector, the minister said that with a large market, policy reforms, abundance of raw material, India is one of the most attractive global investment destinations in steel sector. Lauding Japan’s technological competence, he invited the Japanese industry to invest in India and get into technology transfer partnerships in order to tap the opportunities arising out of growing steel demand and generate employment opportunities in the country.
Pradhan also stated that in the next 20 years, India is set to be the largest energy market in the world. $60 billion is being invested in creation of energy infrastructure in the country.