Steel Minister urges tech giants to invest in minerals and metals sector in India

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NEW DELHI: India’s steel Minister Chaudhary Birender Singh has urged international investors and technology giants to invest in the minerals and metals sector in India.

Speaking at the International Conference, on Minerals and Metals – Outlook 2030, being held in New Delhi, he saidIndia’s mining sector offers tremendous potential and presents a vast opportunity for investors to mine unexplored regions.

India is well endowed with minerals and produces 95 minerals, including fuel, atomic, metallic & non-metallic and minor minerals.

Secretary, Ministry of Steel, Government of India, Binoy Kumar, who presided over the inaugural function, said that India is the second largest producer of iron ore andNational Mineral Development Corporation(NMDC) is the largestiron ore producer in the country.

He further said India is the third largest steel producing country and will soon be in the second position. He said the per capita consumption of steel has risen to 69 kgs in the current year but it is still far behind the international consumption standard.

Hence the steel industry has huge potential in the future.

He said the National Steel Policy 2017 has set a target of producing 300 Million Tonnes of Steel by 2030 therefore the mining sector has to actively take steps to reach its target before 2030.

Chairman-Cum-Managing Director, NMDC, N Baijendra Kumar,said that the conference will focus on different aspects of mineral and metal sector and will help stakeholders in achieving the target set by India’s National Steel Policy.

Top CEOs and country heads of national and international organizations are deliberating on the future of minerals and metals worldwide in the two dayprogramme. The event aims to achieve anunderstanding of the global commodities market for minerals and metals,highlighting the inter- linkage between mineral development and economic growth, the developments in the international metals market that can impact the Indian metals industry and identifying opportunities in Indian mining and metals.

Over 500 delegates from 16 countries are participating in the Conference which plans to offer an effective platform to existing and potential metal producers and miners, both domestic and international, for discussing, planning, and establishing mutually beneficial relationships.

The conference is being organized by NMDC and supported by Ministries of Steel, Mines and External Affairs.