India is riding high on infrastructure development and is planning more budgets for the same in the future.
Speaking on the lines of the Global Forum on Excess Capacity (GFEC) Tokyo, the Union Steel Minister Dharmendra Pradhan said the country will spend USD 1.4 trillion on infrastructure in the next five years.
“I wish to emphasize that with rapid economic and infrastructural development in India, the demand of steel has seen substantial increase and is expected to increase further in the future as India embarks to become a USD 5 trillion economy by 2024,” reads the Minister’s statement.
Pradhan said this will add to the development of the country’s steel demand. India aims to increase the per capital steel consumption from 72 kg to 160 by 2030.
As part of his two-day visit, the minister held meetings with the officials of Japanese leading steel companies, JFE Steel Corporation, Nippon Steel and Daido Steel, and welcomed their investment in the Indian steel sector.