India's Steel Industry: Future Goals and Current Challenges

India's steel sector must expand its capacity to 300 million tons by 2030 to meet growing demand. Currently at 180 million tons, the country risks becoming a net importer if production doesn't increase. Steel Secretary Sandeep Poundrik highlights issues like international market dumping and rising imports.

India is embarking on a substantial expansion of its steel sector, aiming to increase its capacity to 300 million tons by 2030. This ambitious target is spearheaded by Sandeep Poundrik, Steel Secretary to the Government of India. He disclosed these details during the Curtain Raiser event of FICCI's 97th AGM and Annual Convention, emphasizing that the current capacity stands at 180 million tons.

Poundrik highlighted the urgency of this development, pointing out that without significant increases in production, India could become a net importer of steel. The current per capita steel consumption is nearing 100 kilograms, a critical inflection point that typically precedes accelerated economic growth in countries.

The Steel Secretary further addressed concerns over the import dynamics, noting that India has seen a 41 percent rise in steel imports while exports have dipped by 36 percent. Additionally, he pointed out that 62 percent of steel imports come from Free Trade Agreement countries, making them unaffected by any increased import duties. These factors are exacerbating the challenges faced by domestic steel producers.

(With inputs from agencies.)