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Domestic Steel Consumption Set For Quantum Jump

Capital Market 

Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan has said that the steel consumption in the country is set for a quantum jump. Addressing the 'Chromium 2019' organized by International Chromium Development Association (ICDA) today; he noted 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.

Pradhan said that 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. He said India's economic growth will be driven by heavy investment in infrastructure, digital economy and job creation in small and medium firms. Political stability, predictable policies and a huge diverse market make India an attractive investment destination for global investors.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 06 2019. 13:43 IST