ISA Steel Conclave: Piyush Goyal Targets 500 Mn Tonnes Steel Production by 2034

Shri Goyal concluded by assuring that investments in capacity building would prove beneficial in the long run and reaffirmed the government's dedication to safeguarding the interests of the steel industry.

Union Minister of Commerce and Industry, Shri Piyush Goyal, set an ambitious target of 500 million tonnes of steel production by 2034 during his address at the 5th edition of the ISA Steel Conclave in New Delhi. Emphasizing the need for economies of scale, he called on the steel industry to prioritize decarbonisation, noting that green steel would see growing demand in the future.

Shri Goyal offered three key suggestions to the domestic steel industry. First, he urged the sector to innovate for low emissions, high productivity, and enhanced quality to position India as a leading steel manufacturer globally. Second, he encouraged the adoption of artificial intelligence (AI) to optimize production, minimize waste, and improve efficiency across the entire value chain. Lastly, the Minister advocated for integrating indigenous machinery into domestic production to boost self-reliance.

Highlighting India’s potential, Shri Goyal remarked that this is the country's decade to demonstrate innovation, inclusion, collaboration, and cooperation across different industries, in line with the vision of Viksit Bharat. He praised the steel industry for promoting the 'Made in India' brand, reflecting the nation's growing Atmanirbharta (self-reliance), and stressed that steel made and consumed in India showcases a spirit of nationalism.

The Minister assured industry stakeholders of a level playing field, adding that the government will address the Carbon Border Adjustment Mechanism (CBAM) to promote sustainable manufacturing practices. He reiterated the government's commitment to infrastructure investment and challenged the steel industry to find innovative ways to reduce carbon emissions while maintaining high quality and productivity.

Shri Goyal concluded by assuring that investments in capacity building would prove beneficial in the long run and reaffirmed the government's dedication to safeguarding the interests of the steel industry.