New Delhi: Union steel minister Dharmendra Pradhan invited global and domestic investors to invest in Indian steel sector stating that steel consumption in the country is set for a quantum jump.
Addressing the ‘Chromium 2019’, organized by International Chromium Development Association (ICDA), here on Wednesday, he said “There is a strong positive correlation between steel usage and a nation’s economic growth. As India embarks on its next trajectory of growth fueled 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.”
Inviting the investors and entrepreneurs, to come forward and be the partner in India’s growth story, Pradhan said 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. He said that prime minister’s dream of New India with good governance, robust infrastructure and ease of living for citizens has yielded positive results.
“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. 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 this sector”, he said.
Referring to the use of chromium in production of stainless steel, the minister said that about 70% of total chrome produced is used in production of stainless steel. Stainless steel has many specialised uses, including in sectors like space, defence and oil and gas.
Pradhan said “I am confident that stainless steel production and consumption in India will be growing alongside the rising economy. We have recently launched a collaborative branding exercise named “Ispati-Irada” aimed towards promoting more usage of steel. Growth of the stainless steel sector will naturally lead to higher demand for ferro chrome and, in turn, chrome ore.”