India plans to boost steel production to 300 million tons by 2030

On Wednesday, Prime Minister Narendra Modi virtually addressed the India Steel 2025 programme, emphasizing the steel sector's critical role in India's future economic development. Organized in Mumbai, the event brought together various stakeholders for a two-day dialogue focused on the opportunities and innovations present within India's steel industry. During his address, PM Modi highlighted steel as the backbone of modern economies, essential for infrastructure, construction, and manufacturing. He outlined his vision of India becoming a $5 trillion economy, with the steel industry central to this growth. The Prime Minister expressed pride in India’s position as the world’s second-largest steel producer and outlined targets for steel production, indicating plans to reach 300 million tons by 2030 as part of the National Steel Policy. Modi also addressed the importance of various government initiatives impacting the steel sector, including the PM-Gati Shakti National Master Plan and the National Infrastructure Pipeline. With infrastructure development concentrating heavily in eastern India, the government has mandated the use of ‘Made in India’ steel in public projects, positioning public sector initiatives as significant consumers. He discussed how schemes like PM Awas Yojana and Jal Jeevan Mission would drive demand for steel, especially in housing and urban infrastructure. In addition to production goals, PM Modi underscored the need for India to achieve self-reliance in high-grade steel manufacturing. He took pride in the steel utilized in India's indigenous aircraft carrier and the Chandrayaan mission being produced domestically. Referring to policies like the Production Linked Incentive (PLI) scheme, the Prime Minister noted these efforts as just the beginning of a long journey toward bolstering India's steel capabilities. Looking forward, Modi urged the industry to adopt innovative processes and technologies and to explore alternatives to secure raw materials and enhance competitiveness. He stressed that the future growth of the steel industry would rely on advancements in AI, automation, recycling, and navigating challenges such as raw material shortages, encouraging all parties to maximize efforts in sustainable mining practices. Through these discussions, Narendra Modi has set a tone for an ambitious vision for India's steel industry that not only aims to improve domestic capabilities but also enhance exports, aiming for a target of 25 million tons by 2047. With calls for modernization and increased production capacity, the Prime Minister's address served as a rallying cry for stakeholders to engage proactively in shaping a resilient and future-ready steel sector in India.