Indian Economy News

India is investing heavily in infrastructure to fulfil the aspirations of its growing population, and steel is vital to reaching this goal: Mr. Piyush Goyal

According to Mr. Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, India is investing heavily in infrastructure to fulfil the aspirations of its growing population. While addressing the 4th ISA Steel Conclave 2023, which took place on November 7, 2023, in New Delhi, the Minister acknowledged that in order to achieve this goal, steel is important with an aspiration to produce over 300 million tonnes of steel per year by 2030.

In response to queries over the Carbon Border Adjustment Mechanism (CBAM), he assured that the Indian government has brought up the matter at the World Trade Organisation (WTO) and with the European Union. He underlined the significance of treating Indian exporters and producers fairly and restated India's commitment to resisting unfair taxes or levies that may harm the steel industry.

The Minister also underlined the significance of intellectual property and value addition in trade agreements, as well as attempts to obtain improved access to free trade agreements for the steel industry in developed countries. Additionally, he acknowledged the industry's assistance for the MSME sector in India and called for ongoing support for this market.

The Minister emphasised the steel industry's contribution to India's development, the construction sector, and the country's move towards self-sufficiency. In order to guarantee that customers receive high-quality steel goods, Mr. Piyush Goyal applauded the industry's dedication to quality standards and the necessity of increasing quality control orders.

According to Mr. Piyush Goyal, the Indian steel sector contributes significantly to the country's GDP and employs almost two million people. As India works to satisfy the growing demands of the sector, the Minister expressed his belief that the steel industry can greatly enhance self-reliance. The steel industry has had exceptional growth and success in recent times. Major steel companies have provided feedback to the minister regarding their plans for capacity expansion and sustainable production practices.

Referencing Prime Minister Mr. Narendra Modi's vision, Mr. Piyush Goyal emphasised that the steel sector will be crucial in strengthening India's infrastructure as the country progresses towards being a developed nation.

India’s per capita steel consumption is expected to rise significantly as it works to fulfil the aspirations of its billion-plus citizens.

In line with its "One Earth, One Family, One Future" slogan, the Minister stated that India hopes to become a net exporter of steel rather than a net importer. One of the actions made in this regard is the Production-Linked Incentive (PLI) for Specialty Steel, which supports the production of premium steel and strengthens India's standing in the global market.

Furthermore, Mr. Piyush Goyal emphasised that India is on track to surpass the goal of manufacturing 300 million tonnes of steel thanks to the National Steel Policy of 2017, the industry's recent investments, an abundance of iron ore supplies, and rising local and foreign demand.

The discussions at the event centred around the theme of "Steel Shaping the Sustainable Future," which highlighted the steel industry's diverse contribution to India's development and growth. Mr. Piyush Goyal underlined how steel, as a necessary commodity for manufacturing and construction, can play a big role in replacing traditional, polluting industries.

To highlight its capabilities, the steel sector was encouraged to actively engage in upcoming exhibitions by Mr. Piyush Goyal, who acknowledged the industry's support for the "Brand India Project." He reaffirmed his conviction that the sector can be a vital component of India's expansion and development.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.