Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia
Download Telegram App before Joining the Channel
Union Minister Dharmendra Pradhan on Monday urged global capital goods companies to set up manufacturing units in the country. Indian steel sector is in expansion mode, the steel minister said while pointing out that capital goods worth Rs 10 lakh crore will be required in setting up new capacities by 2030. As per the National Steel Policy 2017, India has an ambitious target of ramping up capacity to 300 million tonne.
The industry must take a note of what other countries are doing when it comes to import of steel, Pradhan said while addressing domestic steel and mining players at CII India Steeling Summit here. Citing an example, he said JSW Steel has set a steel plant in the US to sell its products there. "Then why should we alow outside steel to come in India. We need to think in this direction. Capital goods worth Rs 10 lakh crore will be required by 2030 to ramp up capacity to 300 MT.
It is our responsibility now to ask those companies from whom we buy capital goods, those technology companies to set up manufacturing units In India," the minister said. India does not want manufacturing of machinery outside the country and just assembly process in the country. "If you people will ask them, they will agree as where will the capital goods manufacturers will get such a huge market, such huge orders. It is India where capacities in such a big number is going to come. In no other country, such kind of growth will be seen in steel sector, so why not leverage it," Pradhan said.
The recently launched Steel Import Monitoring System (SIMS), he said, is a "weapon" developed by the Commerce and Industry Ministry and sought industry's collective support in achieving the objectives of the new system. SIMS provides to government and other stakeholders, including producers and consumers, advance information about steel imports to have effective policy interventions.