India Must Add 100 MT Steel Capacity By 2030 To Stay Self-Sufficient: Steel Secretary
Date
1/31/2025 2:20:49 PM
(MENAFN- KNN India)
New Delhi, Jan 31 (KNN) Steel Secretary Sandeep Poundrik emphasised the urgent need for India to expand its steel manufacturing capacity by 100 million tonnes (MT) by 2030 to maintain self-sufficiency and avoid import dependence.
Speaking at an Indian Chamber of Commerce event in New Delhi, Poundrik outlined the challenges and priorities facing India's steel sector amid global market pressures.
The nation's current steel capacity stands at approximately 200 MT, with a recent addition of 20 MT in the current financial year. This expansion aligns with the National Steel Policy 2017, which sets an ambitious target of achieving 300 MT manufacturing capacity by 2030.
The secretary's comments underscore the strategic importance of meeting these targets to ensure India's industrial autonomy.
Global market conditions pose significant challenges for the domestic steel industry, with major economies such as China, the United States, and Europe experiencing stagnating consumption and worldwide overcapacity.
Poundrik stressed the importance of maintaining competitive domestic steel prices to ensure sufficient profit margins for industry players, enabling them to invest in capacity expansion.
The transition to environmentally sustainable production methods emerged as another critical priority.
Poundrik highlighted the necessity for India's steel industry to adopt green manufacturing processes, emphasising that leadership in the global steel sector will require a shift toward less carbon-intensive production methodologies.
This environmental focus aligns with worldwide efforts to reduce industrial carbon emissions while maintaining economic competitiveness.
(KNN Bureau)
MENAFN31012025000155011030ID1109153979
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.