India is moving towards massive investments in infrastructure to meet the aspirations of its growing population, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Piyush Goyal said on Tuesday.

Minister further acknowledged that steel is vital to achieving this goal, with an aspiration to produce 300 million tons of steel annually by 2030.

He referenced Prime Minister Narendra Modi’s vision, emphasizing that as India moves toward becoming a developed nation, the steel industry will play a pivotal role in strengthening the country’s infrastructure.

He noted that this recognition of the steel industry’s importance is well-placed, especially as India gears up for massive investments in infrastructure. India’s per capita steel consumption is expected to rise significantly as the country aspires to fulfill the dreams of its billion-plus citizens.

Addressing concerns about the Carbon Border Adjustment Mechanism (CBAM), Piyush Goyal assured that the Indian government has taken up the issue with the European Union and the World Trade Organization (WTO).

The minister further highlighted efforts to secure better Free Trade Agreement access for the steel industry in developed countries and emphasized the importance of intellectual property and value addition in trade agreements. He also recognized the industry’s support for the MSME sector in India and urged continued commitment to this segment.

Piyush Goyal was addressing the 4th edition of ‘ISA Steel Conclave 2023’ held in New Delhi. The event was marked by discussions on the theme, ‘Steel Shaping The Sustainable Future,’ underscoring the multifaceted role of the steel industry in India’s growth and development.

“Steel industry in India currently employs approximately two million people, making a substantial contribution to the national GDP.”

The minister conveyed his confidence that the steel industry can significantly enhance self-reliance as India strives to meet the increasing demands of the sector.

Goyal commended the industry’s commitment to quality standards and the need to expand quality control orders to ensure high-quality steel products for consumers.

Additionally, he pledged to address concerns related to safeguard duty and other international trade agreements impacting the steel industry.

India aspires to transform from being a net importer of steel to a net exporter, supporting its “One Earth, One Family, One Future” theme. The Production-Linked Incentive (PLI)  for specialty steel is one of the steps taken in this direction, promoting the manufacturing of high-quality steel and bolstering India’s position in the international market, the minister said.

He recalled pioneering initiatives like steel slag road technology, emphasizing the efficient utilization of waste stream slag in road and highway construction. This practice aligns with the principles of the circular economy.

The industry’s growth and performance have been remarkable in recent years, with Piyush Goyal receiving feedback from major steel producers regarding their plans for capacity expansion and sustainable manufacturing practices.

He expressed admiration for the vibrancy of the Indian steel industry, describing it as the bedrock of the country’s development. Minister reflected on the industry’s growth journey since its inception, harking back to the first steel town in Jamshedpur.

Sharing a personal connection to the steel industry, Piyush Goyal conveyed his sense of pride as India now stands as the second-largest steel producer globally, surpassing Japan. He underscored that with the National Steel Policy 2017 and the industry’s recent investments, along with abundant iron ore resources and surging domestic and international demand, India is poised to approach the target of producing 300 million ones of steel.

He further acknowledged the challenge of coking coal availability and costs and encouraged the industry to explore alternative technologies to address this issue. Research and development are essential for the steel industry’s sustainability and the future, promoting green and low-carbon steel production.

Piyush Goyal stressed the importance of a collaborative approach between the government, the industry, and consumers.