Piyush Goyal Sets Ambitious Target for Indian Steel Industry at ISA Steel Conclave

Union Minister Piyush Goyal aims for 500 million tonnes of steel production by 2034, with a focus on green steel, innovation, AI integration, and boosting domestic machinery in the industry.

Union Commerce and Industry Minister Piyush Goyal, addressing the 5th ISA Steel Conclave in New Delhi, announced an ambitious target of 500 million tonnes of steel production by 2034. He urged industry leaders to prioritize economies of scale through decarbonisation, highlighting the increasing demand for green steel.

During his speech, Goyal shared three vital recommendations for the domestic steel industry. He called for innovations aimed at achieving low emissions, high productivity, and superior quality to position India as a leading global steel manufacturer. Goyal also advocated for the use of artificial intelligence (AI) to optimize production processes, reduce waste, and enhance efficiency throughout the value chain. Additionally, he emphasized the importance of integrating indigenous machinery to ramp up domestic production.

Goyal stressed that the current decade offers India an opportunity to showcase innovation, inclusion, and collaboration across various industries to fulfill the vision of a developed India (Viksit Bharat). He praised the steel industry for promoting Indian steel as a 'Made in India' brand, reflecting growing self-reliance and national pride. Goyal assured that the Government is committed to ensuring a level playing field for domestic industries, and will address the Carbon Border Adjustment Mechanism (CBAM) with industry leaders to foster sustainable manufacturing.

The Minister also underlined the Government's dedication to infrastructure investment and urged the industry to find ways to curb carbon emissions while maintaining high quality and productivity. He reassured stakeholders that the Government is fully committed to protecting the interests of the steel industry, ensuring that capacity-building investments will yield long-term benefits. (ANI)

(With inputs from agencies.)