(BS)
Prime Minister Narendra Modi on Thursday asked the industry to come together to build a “resilient, revolutionary and steel-strong India”.
Speaking at the India Steel 2025 event, the Prime Minister (PM) also said that the country needs to strengthen its global partnerships for securing raw materials and called on the industry to start extracting iron ore from unused greenfield mines to increase steel production.
Terming steel as a “sunrise sector”, Modi underlined the need to up production of the commodity which is the “backbone” of development, adopt newer processes, undertake innovation, exchange best practices within and also look at import substitutions in coal.
“Let us come together to build a resilient, revolutionary and steel-strong India,” PM Modi said in his address to the steel industry participants.
He acknowledged that getting raw materials is a “major concern” for the steel sector, and urged all to strengthen global partnerships and secure supply chains.
“One major concern is raw material security. We still depend on imports for nickel, coking coal and manganese. And hence, we must strengthen global partnerships, secure supply chains, and focus on technology upgrades,” PM Modi said in a virtual address at the event.
Stating that there are unused greenfield mines, PM Modi said it is very important to their proper and timely utilisation, and warned that both the country and the industry will suffer due to this.
He said the country also needs to explore alternatives like coal gasification and better utilisation of its reserves to reduce coal imports.
The industry must be future ready, and adopt new processes, new grades and new scale, the Prime Minister said.
PM Modi said the country is aiming to increase the steel production capacity to 300 million tonnes by 2030, from the 179 MT in FY24, and added that the per capita steel consumption is also targeted to grow to 160 kg from 98 kg at present in the same time period.
He said the country is also “advancing” the $1.3 trillion national infrastructure pipeline and there is “extensive work underway” to transform cities into smart cities on a large scale.
“Unprecedented pace of development in roads, railways, airports, ports and pipelines is creating new opportunities for the steel sector,” PM Modi said, adding that the growing number of mega projects will increase the demand for high grade steel.
He also noted that the steel used in the maiden indigenously built aircraft carrier Vikrant and the Chandrayaan mission was manufactured locally.
The PM said the country aspires to build modern and large ships with an eye on the export market, and added that high grade steel will be needed for such initiatives.
Stating that the goal should be “zero imports and net exports” when it comes to steel, PM Modi pointed that the country aims to increase the exports to 500 MT by 2047, from the present 25 metric tonnes (MT) of steel.
India is not just thinking of domestic growth, but also “global leadership” in the sector, PM Modi said, pointing out that the world looks at India as a trusted supplier of high grade steel.
Apart from that, welfare schemes like the Pradhan Mantri Awas Yojana and also the Jal Jeevan Mission are also helping create opportunities for the steel sector, he said.
The government, a major infra developer in the country, is insisting on locally made steel in its contracts, he said, adding that government policies are making the sector competitive at the global stage.
He urged both the private and public sector to undertake newer initiatives in manufacturing, technology upgrades and in research and development, and share the best ones among themselves.
“We need to move faster towards energy efficiency, low emission and digitally advanced technologies,” PM Modi said, adding that artificial intelligence, automation, recycling and byproduct utilisation will define the future of the steel industry.
The steel sector is also important for the economy because of its potential to create jobs for the country’s youth, PM Modi said.
