Jyotiraditya Singh, India’s Union Minister, meets with the Minister of Economy, Trade, and Industry of Japan in Delhi
Jyotiraditya Scindia, the Union Minister of Steel, met Nishimura Yasutoshi, the Minister of Economy, Trade, and Industry of Japan, on Thursday and reaffirmed India’s commitment to the “Make in India” initiative.
It was a pleasure to meet Japan’s Minister of Economy, Trade, and Industry, Mr. NISHIMURA Yasutoshi (@nishy03), today. discussed current global events, their issues, and new changes in the steel sector. In addition to cooperation in new areas like decarbonization, green steel production, and increased energy efficiency in the steel sector, we reaffirmed our commitment to the “Make in India” programme. Scindia tweeted, “Confident that the historical links between the two countries will only continue to deepen in the future.
Both ministers emphasised the significance of adopting a policy strategy that considers the specifics of each nation’s industry throughout the discussion, with the overarching fundamental premise of seeking both economic growth and a low-carbon transition in the steel sector.
“Our discussion with the Japanese minister of steel was quite productive, and we discussed India’s enormous potential for expansion in the steel industry. The simple fact that our steel industry would increase its production capacity from 160 billion tonnes year to over 300 million tonnes annually by 2030,” said Jyotiraditya Scindia, the minister of steel.
Both parties agreed that Japan and India are the second and third largest producers of steel in the world and co-benefit partners in the global steel sector. Both parties agreed during the conference to support the collaboration between the public and private sectors of the two nations, as this will promote the proper growth of the world steel industry.
He continued by saying that they also discussed decarbonization, green steel, and the use of scrap metal in the production of steel. The commitment of Prime Minister Modi is to achieve net zero emissions by 2070.
“We had a very in-depth conversation about a variety of subjects and the shared strategies we can create for the future, including the exchange of best practises, the exchange of new technologies, and Japanese investment in India, which is expected to total close to 5 trillion yen, or USD 42 billion, over the next few years, not just in the steel sector but in other sectors as well. It was consequently a really fruitful meeting, he continued.
Recognising the diversity of steel decarbonization pathways, India and Japan also reaffirmed the significance of cooperation for reaching their respective net zero targets during the meeting.
