Union Steel Minister Chaudhary Birender Singh said foreign companies can immensely benefit by setting up manufacturing units in India as the country has set a target to produce 300 million tonne of steel by 2030-31.
Singh said this while addressing a conclave on Capital Goods for Steel Sector here. The conclave was attended by 28 participants from different foreign countries.
“In view of the proposed additional capacity in the next 10-12 years, Indian steel industry is expected to invest 128 billion USD for creation of new capacity,” Singh said adding that India will have to import large number of critical plants and equipment valued almost 25 billion $to meet needs of its steel industry by 2030-31.
The Steel minister said spares worth over 500 million USD will have to be imported every year to meet the needs of India’s steel industry by 2030-31.