In his address at the India Steel 2025 event, Prime Minister Modi emphasized the pivotal role of the steel industry in driving India’s economic growth and achieving the target of becoming a USD 5 trillion economy. He highlighted that India’s status as the second largest steel producer is a foundation for future development, with a goal to increase per capita steel consumption from 98 kg to 160 kg by 2030. The Prime Minister underscored the government’s initiatives, such as the National Manufacturing Mission and PM Gati Shakti, aimed at enhancing multi-modal connectivity and facilitating the growth of various sectors through steel, including manufacturing, construction, and automobile industries.
Modi called for collaboration between public and private sectors to innovate and upgrade manufacturing technologies, aiming to generate new employment opportunities amidst the evolving demands of the steel sector. He urged Indian companies and global partners to work together to address challenges in the industry efficiently, emphasizing the importance of timely and effective use of mining resources. The Prime Minister set ambitious targets, including the export of 25 million tons of steel and reaching a production capacity of 500 million tons by 2047, while advocating for sustainable practices and modernization within the steel sector to ensure inclusive growth and competitiveness on a global scale.
The importance of the steel industry in India’s economic growth was underscored by various officials at the India Steel 2025 event, highlighting its contribution of nearly 2% to the country’s GDP. Minister of State for Steel, Bhupathi Raju Srinivasa Varma emphasized that as India aims to become a USD 5 trillion economy, the steel sector will play a crucial role in bolstering infrastructure, manufacturing, and exports. Chhattisgarh’s Minister of Commerce, Lakhan Lal Dewangan, pointed out the state’s significant role in steel production and its potential as a hub for green manufacturing, supported by government initiatives. Sandeep Pondrik, Secretary of the Ministry of Steel, noted that India’s steel consumption has doubled over the past decade and is projected to continue its upward trajectory, driving growth in the industry.
The significance of India Steel 2025 as a strategic platform in the global steel landscape was highlighted by Amarendu Prakash, Chairman of SAIL, stressing its potential for collaboration and technological showcase with international partners. Anant Goenka from FICCI discussed the challenges faced by the industry, such as financing, cost competitiveness, and decarbonization, while Dr. Edwin Basson of the World Steel Association noted India’s critical position as the second-largest producer of steel globally. He emphasized that the steel sector generates significant economic ripple effects and must address challenges like maintaining a level playing field and transitioning towards greener practices. Overall, the event showcased the steel industry’s pivotal role in India’s economic development and its potential for future growth through partnerships and investment opportunities.
