Union Minister of Commerce and Industry, Mr. Piyush Goyal, recently set an ambitious goal for India's steel industry: 500 million tonnes of steel production by 2034. Speaking at the 5th edition of the ISA Steel Conclave in New Delhi, Goyal emphasized that India’s steel sector holds enormous potential to become a global leader, particularly through decarbonization and innovation. As the world shifts toward more sustainable practices, the demand for green steel is expected to rise significantly, making this a critical moment for the industry to align with global trends.

Goyal offered three key suggestions for the domestic steel industry to achieve this target. First, he urged industry leaders to explore innovative methods that focus on low emissions, high productivity, and superior quality. This would help position India as a global steel powerhouse while also addressing environmental concerns. By focusing on green steel, Indian producers can meet future demand while contributing to the nation’s broader sustainability goals.

The second suggestion highlighted the role of artificial intelligence (AI) in optimizing steel production. Goyal urged steel manufacturers to embrace AI technology to improve efficiency across the value chain, reduce waste, and enhance productivity. This approach will not only boost cost-effectiveness but also improve the overall quality of steel products. The integration of AI will allow the industry to maintain competitiveness on a global scale, ensuring that India’s steel industry continues to grow in line with international standards.

The third key suggestion involved the integration of indigenous machinery to enhance domestic production capacity. By leveraging local innovations and machinery, Goyal believes that India can significantly reduce its reliance on foreign imports and further bolster its Atmanirbharta or self-reliance. The branding of Indian steel as a "Made in India" product symbolizes the nation's growing independence and its ability to meet both domestic and global demand with high-quality, sustainable steel products.

Goyal also spoke about the importance of collaboration across industries, stressing that the next decade represents a crucial window for India to demonstrate its leadership in innovation, inclusion, and cooperation. This vision aligns with the broader goal of Viksit Bharat, where India emerges as a fully developed nation. The steel industry’s role in this journey cannot be understated, as it is a key contributor to nation-building through the creation of infrastructure, employment, and technological advancements.

One of the pressing issues discussed at the Conclave was the need for a level playing field for the domestic steel industry. To this end, Goyal assured that the Government would consider introducing a Border Adjustment Tax, a measure designed to protect domestic producers from unfair competition, especially from foreign imports that may not adhere to environmental and labor standards. Such a tax would ensure that sustainable manufacturing practices are incentivized and supported within the Indian market.

Furthermore, Goyal highlighted the need for infrastructure and capacity-building investments, stating that these efforts will yield long-term benefits for the industry. He assured stakeholders that the Government remains fully committed to protecting the interests of the steel industry and creating a conducive environment for growth and innovation.

India’s focus on the steel industry is part of a larger effort to build a self-reliant economy, where sustainability and innovation play central roles. The emphasis on decarbonization through the production of green steel aligns with global efforts to combat climate change and reduce the environmental impact of heavy industries. Goyal’s address at the ISA Steel Conclave reflected the Government's vision for a stronger, more competitive, and sustainable steel industry that contributes to India’s goal of achieving 500 million tonnes of steel production by 2034.

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