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Oil minister Dharmendra Pradhan addresses GFSEC Ministerial Meeting in Tokyo

News Agencies | Updated on: 26 October 2019, 12:04 IST
Dharmendra Pradhan

Union Minister for Petroleum and Natural Gas and Steel, Dharmendra Pradhan addressed the Ministerial Meeting of Global Forum on Steel Excess Capacity in Tokyo.

The Minister took to Twitter saying that he shared his views on global cooperation in the steel industry to "improve our understanding of problems of global steel excess capacity."

"Pursuing more than a billion dreams, India is committed to spend about USD 1.4 trillion on infrastructure development in the next 5 years.#GFSEC2019," Pradhan said in a tweet.

The Union Minister said we are also determined to raise the per capita consumption of steel from our current low of 72 kg per capita to 158 kg per capita by 2030 according to "our policy of 2017."

Stressing that India's demand for steel shall be a driver of its capacity expansion, Pradhan said, "Our steel sector is deregulated and is driven by market forces. We do not contribute or suffer from excess capacity and are mindful and conscious of the problems, which originate from it. #GFSEC2019"

On Friday, Ministry of Steel in a statement had said that Pradhan held discussions with top steel producers of Japan.

"The Minister highlighted the investor-friendly steps taken by India recently, like reduction in corporate tax, bettering Rank in Ease of doing business, tax incentives for new companies and new investment. He called upon the Japanese Steel industry to be part of the growing Indian story," the Ministry had said in a statement.


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First published: 26 October 2019, 12:04 IST