Union minister Nitin Gadkari said that by upgrading technology in the sector, India could also attract huge foreign direct investment, thereby creating employment. (File Image)

Exhorting domestic steel players to target larger pie in global market with focus on quality products and competitiveness, Union minister Nitin Gadkari on Friday said the present crisis situation in the wake of COVID-19 should be converted into an opportunity.

He was addressing a webinar on “Indian Steel Industry – Raw Materials”.

“There is huge opportunity for us… It is time for Indian industry to create positivity and self-confidence and we will win the economic war. We are the fastest growing economy. International situation is supporting us,” the road transport and MSME minister said.

He said by upgrading technology in the sector, India could also attract huge foreign direct investment, thereby creating employment.

He also urged the industry to focus on exports by increasing capacity and reduce dependence on imports.

“We need to strive for economic competitiveness and improve quality,” the minister said.

To increase the use of steel, he said the National Highways Authority of India (NHAI) is using it in highways construction along with cement and the road ministry has set a target of building highways worth Rs 15 lakh crore in the next two years.

The senior minister said the government plans to promote modular steel bridges, railway overbridges, etc and urged the industry to improve quality on par with European nations besides bringing cost down.

He said a proposal was also pending with Cabinet Secretariat for construction of ropeway, cable cars, etc in hilly terrains instead of highways.

Gadkari said that a few states/UTs like Himachal Pradesh, Uttarakhand and Kashmir are ready to give electricity for ten years for cable cars and ropeway, etc system and urged the steel players to tap the opportunity.