India needs to add 100 million tonnes of steel making capacity by 2030: Secy
- IBEF
- February 3, 2025
India must prioritise adding 100 million tonnes (MT) of steel-making capacity by 2030 to avoid becoming reliant on imports, according to Steel Secretary Mr. Sandeep Poundrik. Speaking at an event organised by the Indian Chamber of Commerce (ICC) in New Delhi, he highlighted the impact of global overcapacity and sluggish steel demand on the domestic industry. India currently has a steel capacity of about 200 MT, with 20 MT added in 2022-23. The country must scale up its capacity to 300 MT by 2030 to meet future needs, per the National Steel Policy (NSP) 2017.
The Secretary also stressed the importance of maintaining the competitiveness of the domestic steel industry, particularly considering stagnating consumption in major economies such as China, the USA, and Europe. He emphasised that domestic steel prices must be competitive for the industry to remain viable and invest in expanding capacity, allowing sufficient margins for reinvestment. Additionally, with global shifts toward lower carbon emissions, he underscored the need for India’s steel industry to transition to greener, less carbon-intensive production methods to secure leadership in the sector.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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