Steel Minister Pradhan invites Japanese industry to invest, transfer tech to India

New Delhi: Union Minister for Steel and Petroleum & Natural Gas, Dharmendra Pradhan, participated in a workshop on ‘Enabling Procedures for increase of steel usage for the growth of Economy’ in New Delhi today. The aim of the workshop was to hold deliberations among key stakeholders to further increase the steel usage in sectors such as construction & infrastructure for the growth of the economy. The workshop is organised by the Ministry of Steel in collaboration with the Confederation of Indian Industries (CII); Ministry of Economy, Trade and Industry, Govt. 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.

Addressing the inaugural session, Pradhan focused on collaborations of India and Japan to increase steel usage. Highlighting Prime Minister Narendra Modi’s vision of a $5 trillion economy, he said that various policy reforms and Government initiatives like Pradhan Mantri Awas Yojana (PMAY), Har Ghar Jal Yojana, improved 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 the Indian steel sector, the Steel Minister said that with a large market, policy reforms, and abundance of raw materials, India is one of the most attractive global investment destinations in the 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, Pradhan stated, saying that the addition of about 16,000 km of gas pipelines will further boost steel demand.

“I am willing to give a double red carpet welcome to all entities willing to setup their industries in India and enable new job opportunities for our youths,” Pradhan tweeted after the event.

Speaking on the occasion, the Minister of State (MoS) 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 spoke about the usage of steel in developing disaster resilient structures.

Kulaste further stated that the Steel Ministry is coordinating with other ministries to increase steel usage in Government initiatives. The MoS also said that such workshops will help to generate employment opportunities across the sector.

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

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The ID Staff

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