India Development News & Foreign Investment Opportunities

Steel consumption set for a quantum jump

Pradhan invites investors to vibrant sector

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Pradhan invites investors to vibrant sector

PIB.
Pradhan addressing the ICDA conference on 6 Nov 2019.

Steel consumption in India is set for a quantum jump, Steel Minister Dharmendra Pradhan said at the ‘Chromium 2019’ organized by International Chromium Development Association (ICDA) in Delhi on 6 Nov 2019.

“There is a strong positive correlation between steel usage and a nation’s economic growth. As India embarks on its next trajectory of growth fuelled by Government’s focus on building infrastructure for future, creating smart cities, industrial corridors and so forth, the steel consumption in the country is set for a quantum jump,” he elaborated.

“India’s economic growth will be driven by heavy investment in infrastructure, digital economy and job creation in small and medium firms.

“Our initiatives such as ‘Make in India’ aim to support and encourage domestic value addition. Our government has been making concerted efforts to make India an attractive investment destination for businesses by providing investment friendly governance.

“Political stability, predictable policies and a huge diverse market make India an attractive investment destination for global investors,” he assured.

About 70% of total chrome produced in the country is used in production of stainless steel which has many specialised uses, including in sectors like space, defence and oil & gas, he pointed out.

He invited investors and entrepreneurs, to come forward and be the partner in India’s growth story, pointing out that structural reforms in the areas of insolvency and bankruptcy, indirect tax structure and recent major reduction in corporate taxation are aimed to boost investment and growth.

The Indian steel sector is becoming more vibrant, efficient, environment-friendly and globally competitive supported by the various policy measures taken by the Government and the entrepreneurial spirit of the industry, he noted.

“The National Steel Policy 2017, Domestically Manufactured Iron & Steel Product (DMI&SP) policy, and application of Bureau of Indian Standards (BIS) on steel products are some of the key policy initiatives taken to spur growth in the sector”, he said.

Pradhan highlighted the recently launched collaborative branding exercise named “Ispati-Irada” for promoting more usage of steel.

“Growth of the stainlesssteel sector will naturally lead to higher demand for ferro chrome and, in turn, chrome ore,” he added. fiinews.com

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