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Union Minister of Petroleum and Natural Gas & Steel says the demand of steel in India is expected to increase in the future

Tokyo:27/10/19:The Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan has said that the demand of  steel  in the country has  seen  substantial  increase  and  is  expected  to increase further in the future as India embarks to become a US $ 5 trillion economy. Addressing the Ministerial Meeting of Global Forum on Steel Excess Capacity in Tokyo yesterday, Shri Pradhan said India’s demand for Steel shall be a driver of its capacity expansion. “I wish to emphasize that with rapid economic & infrastructural development in India, the demand of  steel  has  seen  substantial  increase  and  is  expected  to increase further in the future as embarks to become a US $ 5 trillion economy by 2024. Furthermore, India is committed to spend about US $ 1.4 trillion on its infrastructure development in the next five years.  All this augurs well for the steel demand in the country.  We are determined to raise the per capita consumption of steel from its current low of 72 kg per capita to 160 kg per capita by 2030. India’s demand for steel shall always be the driver of its capacity expansion”, he said.

On the issue of the steel excess capacity, Shri Pradhan said that steel sector in India is deregulated and is driven by market forces. As it is well known, India does not contribute or suffer from excess capacity. “We are mindful and conscious of the problems, which  originate  from  excess capacity, and thus respect the principles laid down by this forum.”, he added.

Shri Pradhan said that the Berlin Ministerial recommended that the market distorting subsidies and support measures which distort competition should be identified and removed. It also advised that Governments must not intervene to create such distortions in the market. He mentioned that Transparency, enhanced communication and cooperation are steps in the right direction. Global Forum may address relevant steel-related issues, as economies are linked intrinsically with this sector. “We all have collective responsibility to address the concerns of the steel sector.”, Shri Pradhan added.

On the sidelines of the meeting, the Minister met the European Union Head of delegation Ms Sandra Gallina, Deputy Director General of Trade, European commission.

About Ashok Palit

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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