New Delhi (NVI): Stating that steel consumption in the country is set for a quantum jump, the Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan said that 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,” said Pradhan while addressing the ‘Chromium 2019’ organized by International Chromium Development Association (ICDA) here on November 6.
Pradhan said, “Our efforts are underway to further accelerate this momentum. 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.”
“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 added.
Meanwhile, he also urged country’s investors to be a part of India’s growth story, stating 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.
Referring to the use of chromium in the production of stainless steel, Pradhan said, “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 & gas.”
He further added, “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 a higher demand for ferrochrome and, in turn, chrome ore.”
“Under the leadership of Prime Minister Narendra Modi, India is on a steady path to become a 5 trillion dollar economy, with emphasis on both the ease of doing business as well as on ease of living,” Pradhan said adding, “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.”
He further said, “The government is initiating 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.”