The steel industry's goal should be zero import and net export: Prime Minister Mr. Narendra Modi

Prime Minister Mr. Narendra Modi has called on India’s steel sector to aim for zero imports and position itself as a net exporter, aligning with the nation’s vision of becoming a developed country by 2047. In a virtual address at the India Steel 2025 conference, he emphasised that the steel industry is the backbone of infrastructure and economic growth and must build a production capacity of 500 million tonnes by 2047 to meet future national development goals. He stated that "The steel industry is behind every success story in India," adding that the sector plays a vital role in India’s race to become a Rs. 4,26,75,000 crore (US$ 5 trillion) economy. He noted that key government programmes such as PM Gati Shakti and PM Awas Yojana are accelerating the steel demand. All government projects are now mandated to use only ‘Made-in-India’ steel. He urged public and private players to invest in research, innovation, and next-generation technologies to make the sector globally competitive.

Despite India’s growing steel demand, the country remains a net importer of steel. Imports rose 20.3% YoY to 8.29 million tonnes from April 2024 to January 2025, while finished steel exports fell 28.9% to 3.99 million tonnes. The rising imports, particularly from China, have raised concerns among domestic producers over competitiveness. In response, the Indian government recently imposed a 12% safeguard duty on steel imports for 200 days to shield local manufacturers. The move comes as global trade tensions escalate, especially following the United States’ decision to implement a 145% tariff on Chinese steel. Industry stakeholders see this as a critical juncture for India to strengthen its domestic production and supply resilience, reducing reliance on foreign markets and reaffirming its long-term steel independence.

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