India's Steel Sector Looks Forward to Japanese Investment

SEATTLE (Scrap Monster): The Indian Steel Minister called for Japanese investment in the country’s steel sector. The call was made while speaking at a recent event jointly hosted by the Ministry of Steel in India, CII and the Japanese Ministry of Economy.

Addressing the meeting, Dharmendra Pradhan, Minister of Steel noted that the country offers a fast-growing steel market as projections suggest the country’[s steel consumption to more than double over the forthcoming few years. He also offered all necessary support to investors in setting up businesses in the country.

The country aims to become a $5 trillion economy by 2024-25. This requires huge spending to the tune of INR 100 lakh crore on infrastructure projects. This in turn will lead to massive growth in steel consumption in the country, Minister said. The government targets setting up of additional 300 steelmaking capacity by 2030. The per capita steel consumption is expected to more than double from current level of 70 kilograms to as high as 160 kilograms by 2030, he added.

The entire projected pipeline of development projects requires steel of different grades. Japan, being a master in technology, has immense potential to explore business opportunities in the country’s steel sector, Pradhan said.