India's Steel Ministry plans to invest $70 billion in the east to develop the steel industry

Pradan Dharmendra Pradhan, Minister of the Joint Steel Ministry of India, said on January 11 that in order to develop the steel industry in the country, it plans to invest heavily in the steel industry in West Bengal, Chhattisgarh, northern Andhra Pradesh, Jharkhand and Orissa, with a planned investment of US $70 billion.

He said the eastern region, which is rich in mineral resources, has great potential to develop the iron and steel industry. According to the national steel policy announced in 2017, the government of India aims to achieve a total      steel      capacity of 300 million tons by 2030, and the capacity in the eastern region is expected to reach 200 million tons steel.

Rasika chaube, Deputy Minister of United Steel, said the eastern region has "natural advantages and potential" to contribute to India's $5 trillion economic target in 2024-25, adding that the steel industry has the ability to act as a catalyst.

Chaube added that the government will build Greenfield factories in the East, expand the factory area and build clusters near the demand center. A task force has been set up to set up a pilot project under the auspices of the Ministry of Iron and Steel to consult on the proposed cluster.