New Delhi, Nov 6 (KNN) Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan on Wednesday said that steel consumption in India is set for a quantum jump and investors should come forward and become a partner in the country's growth story.

"There is a strong positive correlation between steel usage and a nation's economic growth. As India embarks on its next trajectory of growth fueled by the government's focus on building infrastructure for future, creating smart cities, industrial corridors and so forth, the steel consumption in the country is set for a quantum jump," the steel minister said.

He further said, India is on a steady path to becoming a five trillion dollar economy, with emphasis on ease of doing business (EoDB) as well as ease of living.

"India's economic growth will be driven by heavy investment in infrastructure, digital economy and job creation in small and medium firms. Our initiatives such as 'Make in India' aim to support and encourage domestic value addition.

Our government has been making concerted efforts...to make India an attractive investment destination for businesses by providing investment-friendly governance. Political stability, predictable policies and a huge diverse market make India an attractive investment destination for global investors,'' he said.

Inviting investors and entrepreneurs to be a partner in India's growth story, Pradhan said structural reforms in the areas of insolvency and bankruptcy, GST and recent major reduction in corporate tax rate are aimed at boosting investment and growth.

“I am confident that stainless steel production and consumption in India will be growing alongside the rising economy. We have recently launched a collaborative branding exercise named “Ispati-Irada” aimed towards promoting more usage of steel. Growth of the stainless steel sector will naturally lead to higher demand for ferro chrome and, in turn, chrome ore,” he concluded.

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