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India will expand market access for foreign steel companies to attract foreign investment

- Apr 30, 2018 -


India will expand market access for foreign steel companies to attract foreign investment


PTI reported that the Indian government will be working hard to expand market access for large foreign companies to encourage them to invest in new steel projects. By 2020, the country’s steel production is expected to increase to 150 million tons. According to Dr. Aruna Sharma, the Minister of Iron and Steel, India is becoming the second largest consumer growth and alloy producer in the world. Under this background, the industry has great potential for growth. Sharma said that there were some problems in the new projects. Sharma said there is a lot of room for the development of such projects. She told PTI that “from past experience, the problem of land reserve has now received attention. If anyone wants to build a large unit, we will build a red carpet for them and warmly welcome them.”


In an off-site event, Dr. Sharma said: "We believe that by 2020, our steel production capacity will increase from the current 134 million tons to 150 million tons."


At present, no application has been received for any new projects in foreign countries. Most foreign investors are still waiting to see the situation.


She also urged the steel industry to adopt new technologies to reduce the use of coking coal in steel production. She said: "We must adopt new technologies to reduce the use of coking coal in India because India and most Asian countries (except China) do not have much coking coal reserves."