Steel ministry looks at USD 70bn investments in eastern region

Union Minister Dharmendra Pradhan said the steel ministry is looking at an aggregate investment of USD 70 billion in the eastern region of the country through accelerated development of the sector.

Launching the 'Purvodaya' programme in Kolkata, Pradhan said the underdeveloped districts in West Bengal, Chhattisgarh, northern Andhra Pradesh, Jharkhand and Odisha have to be taken forward for development of the steel sector. The eastern region with rich mineral resources has a great potential for development of the steel industry, he said, adding that Bihar needs to be included in the list.

According to the National Steel Policy announced in 2017, the government is aiming at a total production capacity of 300 million tonne by 2030 and out of which, around 200 million tonne is envisaged from the five eastern states, he said.

Addressing an event organised by CII, Pradhan, minister of petroleum, natural gas and steel, said the region has rich deposits of coal, iron ore and bauxite.

"As much as 90 million tonne of steel is produced in the east, out of the total production volume of 140 million tonne in the country," he said.