Steel Current Affairs - 2020

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CII organizes “Steeling India-2019”

On December 16, 2019, the Confederation of Indian Industry organized “Steeling India 2019” conference, a drive to increase metal intensity in key sectors. Union Minister for Steel, Petroleum and Natural Gas Shri Dharmendra Pradhan participated in the conference.

Highlights

The session focused on key industries namely automobile, infrastructure, railway, water, irrigation and housing. It discussed the strategies to promote steel intensive structures and to augment steel consumption. Steel producers, consumers and policy advisors attended the conference. The conference developed a road map to increase steel intensity in key sectors. It also brought in strategies to mitigate supply chain issues in the steel sector.

Significance

CII organized the conference with the objective of augmenting steel production. The conference will help India pave ways to achieve its target of 300 MT of production by 2030 (according to National Steel Policy). The World Steel Association predicts steel demand in India to reach 103 MT (Million Tonnes) in 2019.

Experts believe that in coming days, rural market is to play a crucial role in steel sector. This is mainly because demand for fast-moving consumer goods like two-wheelers, mobile phones, etc. in rural markets are increasing at faster rate.

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India-Japan meet to review Comprehensive Economic Partnership Agreement

On December 10, 2019, a Japanese delegation led by Japanese Minister Mr Hiroshi Kajiyama visited Minister of North Eastern Region Development. The ministers discussed different areas of cooperation that included nuclear power, technology and infrastructure. The Countries also renewed their Comprehensive Economic Partnership Agreement.

Highlights

The Joint Working Group meeting of India and Japan was also held. During the meeting, the issues related human resources were discussed. In previous JWG meeting the countries discussed on the issues of civil nuclear liability. The next meeting is scheduled to be held in January 2020.

Japanese Investment in the North East

The Japanese Government will invest Rs 13,000 crores in the North Eastern region. The investment will include projects such as Guwahati Water Supply project, North East Road Network Connectivity Improvement Project in Meghalaya, Guwahati Sewage Project in Assam, Bio-Diversity Conservation project in Sikkim, Forest Management Project in Sikkim, Technical Cooperation Project for Sustainable Agriculture and Irrigation in Mizoram, etc.

India’s Expectations

India calls to enhance Japanese Investments in steel and energy sectors. Steel demand of India is expected to grow exponentially as the country embarks becoming a 5 trillion USD economy by 2024. Also, India has plans to invest 1.4 trillion USD in infrastructure development in next five years.

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