India’s steel sector mirrors country’s broader economic transformation: Minister

New Delhi, Dec 19 India’s steel sector mirrors the country’s broader economic transformation and has emerged as a pillar of growth, resilience and global integration, according to Union Minister for Steel and Heavy Industries, HD Kumaraswamy.

The minister highlighted that India is currently the world’s second-largest steel producer, a position achieved through sustained reforms, steady investments and a clear long-term vision focused on modernisation, self-reliance and sustainability.

He noted that the steel sector contributes around 2.5 per cent to India’s GDP and supports nearly 2.8 million livelihoods, with demand being driven by infrastructure expansion, manufacturing growth and strategic sectors such as defence and mobility.

The minister held an interactive meeting with Ambassadors and representatives of key partner countries, inviting them to actively participate in ‘Bharat Steel 2026’, scheduled to be held in April 2026.

The meeting formed part of the ministry’s outreach efforts to deepen international cooperation and strengthen India’s engagement with global steel-producing and steel-consuming nations.

Kumaraswamy welcomed the Ambassadors and thanked them for their presence, noting that their participation reflected the importance India places on trusted international partnerships.

Referring to the ‘National Steel Policy 2017’ and the visionary leadership of Prime Minister Narendra Modi, Kumaraswamy said India is progressing steadily towards a steel capacity of 300 million tonnes by 2030, with an even more ambitious target of 500 million tonnes by 2047.

These milestones, he said, would further integrate India with global steel value chains and open new avenues for international collaboration.

The Ministry of Steel has decided to institutionalise an annual flagship International Conference-cum-Exhibition titled “Bharat Steel.”

Kumaraswamy explained that the 'Bharat Steel 2026’ is envisioned as a global platform bringing together policymakers, industry leaders, investors, technology providers and buyers from across the world.

A key feature of the event will be a dedicated Reverse Buyer–Seller Meet aimed at facilitating structured B2B engagements and fostering long-term partnerships. The conference would focus on expanding steel consumption, promoting sustainability and the circular economy, securing raw material supply chains, accelerating technological innovation and enabling investments for capacity expansion.

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