Sunday September 22, 2019
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Modi in China: Prime Minister likely to sign $10-billion deals

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By NewsGram Staff Writer

​Prime Minister Narendra Modi is planning to seal deals worth $10 billion on the first day of his trip to China, according to the reports by a leading English daily of the country on Thursday.

Talking about his plans during the China visit, the Global Times said, “Both the countries are likely to sign deals worth $10 billion during Modi’s first visit as prime minister. The visit will also include going to Beijing and Shanghai as he attempts to attract investments for Indian manufacturing and infrastructure.”

Modi arrived at Xian,capital of China’s Shaanxi province, today. This is the first leg of his three-nation tour, which will also include Mongolia and South Korea.

He is scheduled to meet Chinese President Xi Jinping on Thursday in Xian.

“It is a rare practice for a Chinese leader to receive a foreign leader outside the capital city Beijing,” told Jiang Jingkui, director of the Department of South Asian Languages at Peking University to the Global Times.

“It has been less than a year since Xi’s maiden visit to India in September, when he went to Modi’s hometown (Ahmedabad) in Gujarat. This makes Xi’s invitation to Modi to visit Xian a reciprocal gesture of goodwill,” Jingkui added.

The differences between both the countries can be overcome by the increasing economic exchanges which have drawn the two emerging Asian economies closer than ever, the report examines.

India has also signed up as a founding member of the China-initiated Asian Infrastructure Investment Bank.

Indian and China are the biggest trading partner with bilateral trade of $70 billion and India’s trade deficit with China rose to $37.8 billion last year.

According to the report, Modi is expected to bridge this gap during his three-day China visit by tapping into the potential of the Chinese market.​

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India To Become Global Steel Manufacturing Hub By 2031

The Modi government seems determined to boost the country's crude steel production capacity to 300 MT by 2030-31 in a bid to make India a global steel manufacturing hub

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steel, manufacturing, india, global
Modi government seems determined to boost the country's crude steel production capacity. Wikimedia Commons

The Modi government seems determined to boost the country’s crude steel production capacity to 300 MT by 2030-31 in a bid to make India a global steel manufacturing hub.

At present, China is the world’s largest steel producer with a production capacity of 928.3 MT of crude steel (2018), while India, with 106.5 MT of crude steel production, ranks second on the list. Dedicated participation of all stakeholders is a must to achieve the projected capacity target of 300 MT by 2030-31.

To deliberate on major issues plaguing the sector, the Ministry of Steel is organising in Delhi on Monday a day-long conclave, during which Steel Minister Dharmendra Pradhan will seek suggestions from the stakeholders to address its challenges, identify opportunities and arrive at tangible interventions that can aid the growth of the Indian steel industry.

The National Steel Policy 2017 envisages ‘creating a self-sufficient steel industry that is technologically advanced, globally competitive and promotes inclusive growth’.

Being the third largest steel consumer in the world after China and USA, India’s per capita steel consumption at 74 kgs is one-third the global average of 225 kgs.

steel, manufacturing, india, global
Being the third largest steel consumer in the world after China and USA, India’s per capita steel consumption at 74 kgs is one-third the global average of 225 kgs. Wikimedia Commons

Various countries have focused on rapidly increasing their steel consumption in the high growth phase of their economy. At present, India’s majority steel demand comes from construction, infrastructure, automobiles and capital goods, among others.

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Steel intensive construction offers an increased pace of durable and environmentally sustainable construction. Its recyclable nature also contributes to the circular economy.

The government has set a target to make India a $5 trillion economy by 2024-25, therefore promoting domestic steel industry is essential, given its high GDP multiplier and critical role in the construction and infrastructure sectors, said the Ministry. (IANS)