India's Steel Demand Expected To Grow In Coming Years

Union Minister for Petroleum and Natural Gas and Steel, Dharmendra Pradhan stated that India's steel demand is expected to grow exponentially as the country embarks on becoming a USD 5 Trillion economy by 2024. An investment of USD 1.4 trillion will take place in infrastructure development in the next five years. He made these comments while in a meeting with Hiroshi Kajiyama, Japanese Minister for Economy, Trade and Investments. Discussions centred around enhancing composite engagement in both energy and steel sector to further help elevate the multidimensional bilateral ties between India and Japan.

Pradhan said that Japan and India are natural allies. The bilateral relations between these countries have made great strides in the recent years. It has become truly multi-dimensional. Speaking about extensive co-operation in steel sector, Minister mentioned about Japan importing iron ore under a long term agreement and India importing high grade steel from Japan. He expressed happiness at major Japanese steel companies investing in India through Joint Ventures (JVs) with Indian companies and invited more Japanese investments in steel sector in India. He also talked about Steel Cluster Policy which will encourage setting up small high grade steel manufacturing plants.

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