At the 5th ISA Steel Conclave in New Delhi, the Union Minister of Commerce and Industry, Shri Piyush Goyal, announced an ambitious target for India’s steel sector—to achieve 500 million tonnes of steel production by 2034. He emphasized the need for the industry to enhance economies of scale through decarbonisation, noting the rising demand for green steel.
Minister Goyal provided three key recommendations to the domestic steel industry. First, he encouraged the sector to innovate in reducing emissions while maintaining high productivity and quality, positioning India as a leading steel manufacturer globally. Second, he urged the adoption of artificial intelligence (AI) to enhance production efficiency, minimize waste, and optimize operations throughout the value chain. Third, he advocated for integrating locally manufactured machinery to boost domestic production.
Highlighting the current decade as crucial for India to demonstrate innovation, inclusiveness, collaboration, and cooperation across various industries, he underscored the importance of realising the vision of “Viksit Bharat” (Developed India). He praised the steel industry for promoting ‘Made in India’ steel, a testament to the nation’s growing self-reliance or “Atmanirbharta,” and for reflecting a patriotic spirit in producing and consuming steel domestically.
The minister stressed the importance of providing a level playing field for the domestic industry. He mentioned that the Government would discuss the issue of Border Adjustment Tax with steel industry leaders to encourage sustainable manufacturing practices. He also reiterated the Government’s commitment to infrastructure investment and the need for the industry to find new ways to reduce carbon emissions while enhancing quality and productivity. Furthermore, he assured stakeholders that the Government is dedicated to protecting the industry’s interests and that investments in capacity building would yield long-term benefits.
