Mumbai: Prime Minister Narendra Modi today called for India’s steel industry to eliminate imports and prioritise net exports, aiming to establish the country as a global steel hub. Addressing the India Steel 2025 programme in Mumbai via video message, he outlined a 500 million-tonne production target by 2047, urging the sector to adopt new processes and high-grade steel to meet rising domestic and international demand.
“India is currently working towards a target of exporting 25 million tons of steel and aims to increase production capacity to 500 million tons by 2047”, he noted emphasizing the importance of preparing the steel sector for new processes, grades, and scales, urging the industry to expand and upgrade with a future-ready mindset.
India imported 6.5 million tonnes of finished steel from April to November 2024, a 26.6% increase from the previous year, with China supplying 1.96 million tonnes, according to Ministry of Steel data. Total imports for FY 2024 reached 8.32 million tonnes, up 38%, contributing to a trade deficit of Rs 26,468 crore, as exports fell to 3.2 million tonnes. Modi emphasised that achieving zero imports was critical, noting that government projects, including PM Awas Yojana housing and Jal Jeevan Mission pipelines, used only ‘Made in India’ steel to boost local production.
Modi highlighted India’s position as the world’s second-largest steel producer, with a 300 million-tonne target by 2030. Per capita steel consumption, currently 98 kilograms, was projected to reach 160 kilograms by 2030, driven by the $1.3 trillion National Infrastructure Pipeline. The PM-Gati Shakti National Master Plan was integrating steel units with multi-modal connectivity, particularly in eastern India, to support this growth, he added.
The Prime Minister cited domestic production of high-grade steel for India’s indigenous aircraft carrier and Chandrayaan mission, supported by the Production Linked Incentive (PLI) scheme. He noted the Budget’s recognition of shipbuilding as infrastructure, aiming for domestic manufacturing and exports. Modi stressed that infrastructure projects, including smart cities and rural housing, were increasing steel demand, with government-driven initiatives accounting for significant consumption.
Modi identified import dependence on nickel, coking coal, and manganese as a challenge, urging exploration of coal gasification and DRI routes to reduce reliance. He called for energy-efficient technologies, leveraging AI, automation, and recycling. The Prime Minister noted that mining reforms had improved iron ore availability, but unused greenfield mines required urgent activation to avoid industry setbacks.
The steel industry’s employment potential was highlighted, with Modi encouraging public-private collaboration in research and development and manufacturing. He said India’s reputation as a high-quality steel supplier was growing, supported by multi-modal transport networks and cost reduction. The India Steel 2025 event was described as a platform for innovation and partnerships to strengthen the sector.
Modi concluded by emphasising global leadership, urging the industry to maintain world-class standards. He expressed confidence that the event would foster ideas to build a resilient steel sector, aligning with India’s economic goals.
– global bihari bureau
