Canindia News

Pradhan seeks Japanese investment in Indian steel sector

New Delhi, Feb 24 (IANS) Union Minister for Steel Dharmendra Pradhan on Monday urged the Japanese investors to invest in the Indian steel sector and also asked them to get into partnerships for transfer of technology.

Speaking at a programme here jointly organised by the Steel ministry, CII and Japan’s Ministry of Economy, Trade and Industry, Pradhan said that with a large market, policy reforms, abundance of raw material, India is one of the most attractive global investment destinations in the steel sector. He also lauded Japan’s technological competence.

Pradhan emphasised on collaborations between India and Japan to increase the usage of steel.

Highlighting the government’s aim of reaching a $5 trillion economy, he said that various policy reforms and government’s initiatives like Pradhan Mantri Awas Yojana, ‘Har Ghar Jal Yojana’, increase in pace 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.

Pradhan, who is also the Union Minister for Petroleum and Natural Gas stated that in the next 20 years, India will be the largest energy market in the world.

Around $60 billion is being invested in creation of energy infrastructure in the country and addition of about 16,000 km of gas pipelines will further give boost to the steel demand, he added.

–IANS

rrb/pgh/

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