Cabinet approves Indo-Japan pact in Steel Sector
Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for signing Memorandum of Cooperation (MoC) between Government of India and Government of Japan to constitute ‘India-Japan Steel Dialogue’ to strengthen cooperation in steel sector. MoC will help in capacity building for high grade steel manufacturing in India.
About ‘India-Japan Steel Dialogue’
The Dialogue envisages enhancement of mutual understanding to secure sustainable growth in steel sector. It aims to examine all aspects of cooperation in steel sector including promotion of investment in high grade steel making and finding new avenues of steel usage in India.
Note: Already Japanese companies like Nippon steel are cooperating with other steel makers for development and production of value added steel in India. More such ventures would flow from cooperation in coming years after the MoC.
Category: Economy & Banking Current Affairs