Piyush Goyal concludes visit to Saudi Arabia
During the visit, Goyal participated in the Plenary Session of the 8th Edition of Future Investment Initiative (FII), with representatives from global governments and the industry.
Union Minister of Commerce and Industry, Piyush Goyal on Thursday set a target of 500 million tonnes of steel production by 2034.
During his address at the 5th edition of ISA Steel Conclave here, he set a target of 500 mn tonne, the minister urged the industry leaders to focus their energy on economies of scale through decarbonisation as green steel will be in more demand.
The minister further made three suggestions for the domestic steel industry.
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First, he asked the industry to find new and better ways towards low emission, high productivity and high quality to make India an irresistible steel manufacturer in the world.
Second, he urged the industry to utilise artificial intelligence (AI) to optimize production, reduce waste and improve efficiency across the value chain.
Third, the Minister also urged the industry to integrate indigenous machinery for domestic production.
“This is India’s decade to show innovation, inclusion, collaboration and cooperation among different sectors of Indian industries to realise the vision of Viksit Bharat,” the minister said.
He also lauded the steel industry for branding Indian steel as a ‘Made in India’ product, and said it is a signal of our growing Atmanirbharta.
Steel made and consumed in India is reflective of our nationalist spirit, he highlighted.
Goyal asserted that domestic industry should be given a level playing field.
He also noted that the Government will take up the issue related to Border Adjustment Tax in discussions with steel industry leaders to promote sustainable manufacturing in the sector.
The minister said that the Government is invested in infrastructure and that the industry has to find newer ways on lowering carbon emission and promoting high quality and productivity in India.
Further, he also ensured that investments made in the capacity building will be beneficial in the long run.
Goyal assured the stakeholders that the Government is fully committed to safeguard the interests of the industry.
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