India seen as sole bright spot in troubled global economy: Birender Singh

Singh said in 2015 India became the world's third largest producer of steel

Confident that 'Make in India' will transform the nation into a manufacturing powerhouse, Steel Minister Chaudhary Birender Singh on Tuesday said India is seen as the sole bright sport in a troubled global economy.

"India is now being seen as the sole bright spot in a troubled global economy. When foreign investors look at India, they feel confident and reassured. Nearly $26 billion has flowed into the country this year so far since we opened the floodgates for FDI across sectors," he said.

He further said that there is no alternative to a robust manufacturing sector to uplift the over 1.25 billion people of this country and 'Make in India' programme will help in achieving this goal.

Talking about the steel sector, Singh said that in 2015 India became the world's third largest producer of the metal and will take the second spot in a few months.

The country led the growth in steel production and consumption globally in 2015 and the trend is continuing this year as well, he noted.

He said the government is taking policy measures to further boost steel demand in the country.

"R&D can be used to develop cost effective, environment friendly and new technologies. It can also be used to develop new products that can help in promoting steel usage. Pre-fabricated structures, steel toilets and other such innovative usages can be adopted using R&D," Singh added.

'Make in India' can help in a big way by focussing on R&D in the steel industry, whether it is in defence, space or nuclear power, which will help in two ways -- reducing outflow of foreign currency and inculcating a sense of pride in domestic technologies, the minister said.

"The government is also taking steps to ensure that quality steel is available to Indian consumers. This is very important from the health and safety point of view," he said.