According to Union Minister Jyotiraditya Scindia, Japan intends to spend over 5 trillion yen in India across a number of industries, including steel. After speaking with a group from Japan led by Minister of Economy, Trade, and Industry NISHIMURA Yasutoshi, he made the announcement.
According to Union Minister Jyotiraditya Scindia on Thursday, Japan is eager to spend around 5 trillion yen in India across a number of industries, including the steel industry.
Following a meeting in the nation’s capital with a Japanese team led by NISHIMURA Yasutoshi, Minister of Economy, Trade, and Industry of Japan, the steel minister made the comments.
“We had a very detailed discussion…about the common strategies that we can develop in terms of the path forward, exchange of best practices, exchange of new technologies, Japanese investment in India which would be close to 5 trillion yen…over the next few years not only in the steel sector but other sectors as well,” Scindia told PTI in response to a question about the meeting’s discussions.
The meeting went really well. He added that the delegation discussed the tremendous growth prospects in India’s steel sector, which is expected to increase to 300 million tonnes (MT) capacity by 2030 from 160 MT at present. This will open up numerous opportunities and platforms in which India and Japan will work closely together with regard to the steel sector.
The minister stated that discussions also included recent changes in the steel business, the state of the world today, and its difficulties.
“Reaffirmed our support to the ‘Make in India’ program, as well as our interest in forming new collaborations in areas including decarbonization, environmentally friendly steel production, and improved energy efficiency in the steel industry. The minister tweeted that he was “confident that the historical ties between the two countries will only see further strengthening in the future.”
The steel ministry afterward released a statement claiming that the discussion covered both decarbonization and collaboration in the steel industry.
Both parties resolved to encourage the collaboration between the public and commercial sectors of the two countries, which would contribute to the proper growth of the global steel industry, in light of the recent expansion of investment activities by Japanese steel makers in India, the statement added.
