Union Minister Pushes for Doubling Steel Policy Target, Eyes 1 Billion Tonne Milestone

Image Source: The Star

Union Commerce and Industry Minister Piyush Goyal has urged India's steel industry to adopt a new ambitious goal: reaching 1 billion tonnes of production capacity, well ahead of the present National Steel Policy target of 500 million tonnes by 2047. At the Steel India 2025 conference, Goyal referred to the current goals as "sub-optimal," highlighting India's ability to challenge China and become the world's leading steel producer.

Key Highlights:

India's existing steel capacity stands at 180 million tonnes, with the policy target of 300 million by 2030 and 500 million by 2047. Goyal appealed to the industry to utilize India's accelerated economic growth and increasing steel demand to shoot higher.
He emphasized steel's strategic importance in infrastructure, manufacturing, and flagship initiatives such as Make in India and Gati Shakti, which need local steel in public sector projects.
Goyal urged more R&D, innovation in prefabricated steel structures, and emphasis on quality, efficiency, and sustainability.
With steel imports reaching a nine-year high, he promoted import reduction, export growth, and supply chain resilience globally.

Goyal's vision of a steel industry as a pillar of India's path to a $30-35 trillion economy by 2047 is ambitious.

Source: The Economic Times, Business Standard, Rediff