Japan keen to make investments worth 5 trillion yen in India: Union minister Scindia

Japan is keen to make investments of around 5 trillion Japanese yen in India across various sectors including steel, Union Minister Jyotiraditya Scindia said on Thursday.

The steel minister made the remarks after a meeting with a Japanese delegation led by NISHIMURA Yasutoshi, Minister of Economy, Trade and Industry of Japan, in the national capital.

"We had a very detailed discussion...About the common strategies that we can develop in terms of the path forward, exchange of best practices, exchange of new technologies, Japanese investment in India which would be close to 5 trillion yen...Over the next few years not only in the steel sector but other sectors as well," Scindia told PTI in reply to a question on the discussions held in the meeting.

"The meeting was very positive. It will provide many areas and platforms where India and Japan will work closely together with regards to the steel sector," he said, adding the delegation discussed tremendous growth prospects in India in the steel sector which is to grow to 300 million tonne (MT) capacity by 2030 from 160 MT at present.

Discussions were also held on the recent developments in the steel industry, the current global situation and its challenges, the minister added.

"Reaffirmed our commitment towards the 'Make in India' program, along with partnerships in new domains, such as decarbonisation, green steel production and greater energy efficiency in the steel sector. Confident that the historical ties between the two countries will only see further strengthening in the future," the minister said in a tweet.

Later in a statement, the steel ministry said cooperation in the steel sector and decarbonisation issues were discussed in the meeting.

Recognising the recent expansion of investment activities in India by Japanese steel producers, both sides decided to support the cooperation between the public and private sectors of the two countries, which will lead to the appropriate development of the global steel industry, it said.

"Both sides affirmed the importance of cooperation for achieving their respective net zero goals, recognizing the heterogeneity of steel decarbonization pathways. 

In order to continue such cooperation, both sides decided to hold further discussions through the Steel Dialogue and other cooperation programs," the statement said.