India's Steel Sector Eyes 300 Million Tonnes by 2030 Amid Optimism

A senior government official expressed optimism in the steel sector, projecting domestic production to exceed 300 million tonnes by 2030. Amid infrastructure growth and decarbonisation efforts, the steel industry faces challenges like iron ore shortages and policy shortcomings. A decarbonisation roadmap will soon be released for public opinion.

In a display of optimism for the future of India's steel industry, a senior central government official stated on Saturday that domestic production is projected to surpass 300 million tonnes by 2030.

The ministry remains confident that capacity addition won't face significant hurdles due to ongoing decarbonisation efforts. Steel Secretary Nagaendra Nath Sinha revealed plans to release a draft roadmap soon, inviting public opinion on reducing the sector's carbon footprint, which accounts for 12 per cent of total emissions.

Sinha noted that the current steel demand is buoyed by the government's infrastructure push and robust GDP growth, anticipating a 10 per cent increase. He addressed the Bharat Chamber of Commerce, revealing finished steel output in 2023-24 was 138.5 million tonnes, up 12.4 per cent year-on-year. The goal of reaching 300 million tonnes of installed capacity would require a CAGR of 12 per cent.

(With inputs from agencies.)