Bid to woo Japan tech to invest in Indian steel sector
The government on Monday urged Japanese investors to invest in India’s steel sector as the country offers a fast-growing market where steel consumption is expected to more than double in the coming years.
“We are here to discuss the increase of steel use in India, the market in India, economic growth. We (India) aim to become a $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,” Union steel minister Dharmendra Pradhan said at an event.
Pradhan also assured the investors that India will provide the necessary support to facilitate them in setting up businesses.
He was speaking at an event organised jointly by the steel ministry, industry body CII and Japan’s ministry of economy, trade and industry.
The minister said with a large market, policy reforms and abundance of raw material, India is one of the most attractive global investment destinations in steel.
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 the growing steel demand and generate employment opportunities in the country.