Steel Minister seeks Japanese investment in fast-growing Indian steel market

New Delhi: Union Steel Minister Dharmendra Pradhan on Monday urged Japanese investors to invest in India's steel sector, saying the country offers a fast-growing market and steel consumption will more than double in the coming years.

Pradhan also assured investors that India will provide necessary support to facilitate them in setting up businesses.

He was speaking at a 'Workshop on Enabling Procedures for Increase of Steel Usage for the Growth of Economy' event organised by jointly ministry of steel, industry body CII and Ministry of Economy, Trade and Industry, Japan.

"We are here to discuss topics such as increase of steel usage in India, market in India, economic growth. ... we (India) aim to become a USD 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," he said while addressing the participants.

Indian steel sector is a fast-growing steel market, he said adding that besides setting up 300 steel making capacity by 2030, the country is also aiming to increase its per capita steel consumption to 160 kg from about 70 kg at present.

By 2022, he said, government's ambitious housing scheme Pradhan Mantri Awas Yojana will be completed. Steel in huge quantity will be required to build the houses under the scheme.

"We (India) also aim to set up new gas pipeline of 14,000-km in next 3 years. Our aim is to to provide piped water to every household. So there are lot of areas where steel finds application," he said.

Railways, highways, roadways and bridges are another key focus area of the government where steel will be required in huge quantity, Pradhan said.

"All these areas will require different grades of steel and Japan which is a master in technology can explore business opportunities in our steel sector," he said while assuring them full government support in setting up businesses in India.