November 9, 2023
2 mins read

Investing in Dreams: India’s Infrastructure Revolution

The Minister recognized the crucial role of steel in reaching this objective, aiming to reach an annual steel production of 300 million tons by 2030….reports Asian Lite News

Union commerce minister Piyush Goyal said on Tuesday that India is moving towards massive investments in infrastructure to meet the aspirations of its growing population, addressing the 4th edition of ‘ISA Steel Conclave 2023’ held in New Delhi.

Speaking on the occasion, the Minister acknowledged that steel is vital to achieving this goal, with an aspiration to produce 300 million tons of steel annually by 2030.

The event was marked by discussions on the theme, ‘Steel Shaping The Sustainable Future,’

Addressing concerns about the Carbon Border Adjustment Mechanism (CBAM), Goyal assured that the Indian government has taken up the issue with the European Union and at the World Trade Organization (WTO). He emphasized the importance of fair treatment for Indian producers and exporters and reaffirmed India’s commitment to opposing unfair taxes or levies that may harm the steel industry.

The Minister further highlighted efforts to secure better Free Trade Agreement access for the steel industry in developed countries and emphasized the importance of intellectual property and value addition in trade agreements. He also recognized the industry’s support for the MSME sector in India and urged continued commitment to this segment.

The steel industry’s role in the construction sector, India’s growth, and its influence in helping the nation become self-reliant were highlighted by the Minister. Goyal commended the industry’s commitment to quality standards and the need to expand quality control orders to ensure high-quality steel products for consumers.

Additionally, the Minister pledged to address concerns related to safeguarding duty and other international trade agreements impacting the steel industry.

Goyal said that the steel industry in India currently employs approximately two million people, making a substantial contribution to the national GDP. The Minister conveyed his confidence that the steel industry can significantly enhance self-reliance as India strives to meet the increasing demands of the sector. The industry’s growth and performance have been remarkable in recent years, with Goyal receiving feedback from major steel producers regarding their plans for capacity expansion and sustainable manufacturing practices.

The Minister noted that India aspires to transform from being a net importer of steel to a net exporter. The Production-Linked Incentive (PLI) for speciality steel is one of the steps taken in this direction, promoting the manufacturing of high-quality steel and bolstering India’s position in the international market. (ANI)

ALSO READ: Jordan Envoy Sees India as Key in West Asia Peace

Previous Story

Jordan Envoy Sees India as Key in West Asia Peace

Next Story

DY Chandrachud Completes a Year as CJI

Latest from -Top News

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

Reeves urged to break manifesto pledges

Chancellor under pressure as £40bn fiscal gap looms, with critics warning against a “pasty tax” budget of piecemeal revenue raisers…reports Asian Lite News Rachel Reeves is facing growing unease inside Labour’s ranks

Starmer to Visit India on Wednesday

UK and India to cement strategic ties with new free trade agreement and deeper cooperation across defence, technology and climate Prime Minister Keir Starmer will make his first official visit to India

UAE, India join on child services

The United Arab Emirates and India have opened discussions to enhance cooperation in integrated child development services, focusing on early childhood education, nutrition, and child participation initiatives. The talks took place on
Go toTop

Don't Miss

Congress Chief poll: Tharoor, Kharge, Thripathi file nominations

Congress veteran Mallikarjun Kharge said he is also throwing his

Trump defends 50% tariff on India

US President declared that the two countries’ trade ties had