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Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan has reportedly said that the steel consumption in the country is set for a quantum jump. Addressing the 鈥楥hromium 2019鈥� organised by the International Chromium Development Association (ICDA) recently, he said 鈥淭here is a strong positive correlation between steel usage and a nation鈥檚 economic growth. As India embarks on its next trajectory of growth fuelled by the government鈥檚 focus on building infrastructure for future, creating smart cities, industrial corridors and so forth, the steel consumption in the country is set for a quantum jump.鈥滱s per a PIB release, Pradhan said that under the leadership of Prime Minister Narendra Modi, India is on a steady path to become a $5-trillion economy, with emphasis on both the ease of doing business as well as on ease of living. He said 鈥淚ndia鈥檚 economic growth will be driven by heavy investment in infrastructure, digital economy and job creation in small and medium firms. Our initiatives such as 鈥楳ake in India鈥� aim to support and encourage domestic value addition. Our government has been making concerted efforts under the decisive leadership of Prime Minister Modi, to make India an attractive investment destination for businesses by providing investment friendly governance.聽Political stability, predictable policies and a huge diverse market make India an attractive investment destination for global investors.鈥漅eferring to the use of chromium in production of stainless steel, the minister said that about 70 per cent of total chrome produced is used in production of stainless steel. Stainless steel has many specialised uses, including in sectors like space, defence and oil and gas.Inviting the investors and entrepreneurs to come forward and be the partner in India鈥檚 growth story, Pradhan said structural reforms in the areas of insolvency and bankruptcy, indirect tax structure and recent major reduction in corporate taxation are aimed to boost investment and growth. He said that the prime minister鈥檚 dream of New India with good governance, robust infrastructure and ease of living for citizens has yielded positive results. 鈥淥ur efforts are underway to further accelerate this momentum. The Indian steel sector is becoming more vibrant, efficient, environment-friendly and globally competitive supported by the various policy measures taken by the government and the entrepreneurial spirit of the industry. The National Steel Policy 2017, Domestically Manufactured Iron & Steel Product (DMI&SP) policy, and application of Bureau of Indian Standards (BIS) on steel products are some of the key policy initiatives taken to spur growth in this sector鈥�, he said.Pradhan added, 鈥淚 am confident that stainless steel production and consumption in India will be growing alongside the rising economy. We have recently launched a collaborative branding exercise named 鈥淚spati-Irada鈥� aimed towards promoting more usage of steel. Growth of the stainless steel sector will naturally lead to higher demand for ferro chrome and, in turn, chrome ore.鈥澛� 聽 聽 聽 聽 聽 聽 聽 聽 聽 聽 聽 聽