New Delhi, April 24 Prime Minister Narendra Modi on Thursday highlighted the need for a goal of "zero imports" and a focus on net exports for the steel sector as "India is currently working towards a target of exporting 25 million tons of steel and to increase production capacity to 500 million tons by 2047".
Addressing the India Steel 2025 programme at Mumbai via video, PM Modi emphasised the importance of preparing the steel sector for new processes, grades, and scales, urging the industry to expand and upgrade with a future-ready mindset.
"We are proud that today India has become the second largest steel producer in the world, and we have set a target of producing 300 million tonnes of steel by 2030 under the National Steel Policy," he said.
The Prime Minister underlined the vast employment generation potential of the steel industry and called upon both the private and public sectors to develop, nurture, and share new ideas. He emphasised collaboration in manufacturing, R&D, and technology upgrades to create more job opportunities for the country’s youth.
He also highlighted that the $1.3 trillion National Infrastructure Pipeline is being advanced to accelerate the projects that are being implemented, which would open fresh opportunities for the steel sector.
The infrastructure projects being implemented under the National Master Plan include large-scale efforts to transform cities into smart cities, along with an unprecedented pace in the development of roads, railways, airports, ports, and pipelines, creating more opportunities for the steel sector, the Prime Minister said.
Crores of houses are being constructed under the PM Awas Yojana, and significant infrastructure is being built in villages through the Jal Jeevan Mission, he added. He remarked that welfare initiatives like these are also providing new strength to the steel industry.
He highlighted the government’s decision to use only ‘Made in India’ steel in government projects and noted that government-driven initiatives account for the highest consumption of steel in building construction and infrastructure.
Underscoring that steel is a primary component driving the growth of multiple sectors, PM Modi remarked that government policies for the steel industry are playing a crucial role in making many other industries in India globally competitive.
He highlighted that sectors such as manufacturing, construction, machinery, and automotive are gaining strength from the Indian steel industry. He mentioned that the government has introduced the National Manufacturing Mission in this year’s Budget to accelerate the 'Make in India' initiative. The mission caters to small, medium, and large industries and will open new opportunities for the steel sector, he added.
Noting that India was long dependent on imports for high-grade steel, which was critical for defence and strategic sectors, the Prime Minister expressed pride in the fact that the steel used in India’s first indigenous aircraft carrier was produced domestically. He also noted that Indian steel contributed to the success of the historic Chandrayaan mission, symbolising India’s capability and confidence.
The Prime Minister remarked that this transformation was made possible through initiatives such as the PLI scheme, which has allocated thousands of crores to support the production of high-grade steel. He emphasised that this is just the beginning and that there is a long road ahead.
He pointed out the growing demand for high-grade steel due to mega-projects being initiated across the country. He mentioned that in this year’s Budget, shipbuilding has been classified as infrastructure. "India aims to manufacture modern and large ships domestically and export them to other countries."
The Prime Minister highlighted the rising demand for pipeline-grade steel and corrosion-resistant alloys in India. He remarked that the country’s rail infrastructure is expanding at an unprecedented pace.
Acknowledging that the steel industry faces certain challenges that need resolution for further growth, highlighting that raw material security remains a significant concern, with India still dependent on imports for nickel, coking coal, and manganese, he emphasised the need to strengthen global partnerships, secure supply chains, and focus on technology upgrades. He underlined the importance of moving swiftly towards energy-efficient, low-emission, and digitally advanced technologies.
"The future of the steel industry will be shaped by AI, automation, recycling, and by-product utilisation," he remarked.
Underlining the importance of addressing the issue of unused greenfield mines, PM Modi noted that significant mining reforms have been introduced in the last decade, making iron ore availability easier.
The Prime Minister emphasised that India is no longer focused solely on domestic growth but is preparing for global leadership. He remarked that the world now views India as a trusted supplier of high-quality steel. He reiterated the importance of maintaining world-class standards in steel production and continually upgrading capabilities.
Improving logistics, developing multi-modal transport networks, and reducing costs will help India become a Global Steel Hub, he said.
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