Mumbai, 24 April 2025

 

Addressing a gathering electronically at the India Steel 2025, PM Modi said that he hoped the event would prove to be a new launch pad for sharing new ideas, forge partnerships and boost innovation. “This event will become the foundation of a new chapter in the steel industry.

“The role of steel in all developed economies has been like a skeleton. Be it sky-scarpers, highways, high speed trains, smart cities, industrial corridors…every success story is backed by the strength of steel,” PM Modi said. He said that the country was taking steps to become a USD 5 trillion economy. “The steel industry will play a crucial role in achieving this target. We are proud that India is now the second biggest steel producer in the world,” he said, underscoring how his government formulated the steel policy envisaging production of 3 million tonnes of steel by 2030. The per capita consumption of steel at present is 98 Kg, which is expected to rise up to 160 Kgs by 2030.

“The increase in steel consumption signals the direction of the country's growth, its efficiency and effectiveness,” he said, adding that the steel industry was full of new hopes and ideas. “Today country has the base of PM Gati Shakti and national masterplan,” he said, highlighting how the various utility services and logistic nodes were integrated under PM Gati Shakti. Likewise, he said, the various mine areas and steel units were being mapped for multi-model connectivity.

“This is the reason why government initiatives have the largest proportion in steel consumption,” he said. The PM said that the steel policy of the government was enabling other industries to become globally competitive. “Our manufacturing, construction and automobile sectors are gaining strength from the steel industry,” he said, adding that the government has tried to give impetus to Make In India by announcing the National Manufacturing Mission. “This mission will boost the small, medium and large industries besides opening new avenues for the steel industry,” he said.

“We are moving with the goal of building modern and large ships in the country. Our target is that other countries of the world should also buy the steel made in India. Similarly, the demand for pipelines, grade steel and corrosion registered alloys is also increasing in the country. Today, the railway infrastructure in the country is also being developed rapidly,” he said.

The PM said that there should be a goal for all such needs. “We are aiming to export 25 million tons of steel. We are also working to reach our capacity of 500 million tons by 2047. But for this it is necessary that our steel sector is ready for new processes, new growth and new scale. We have to keep the future in mind and update ourselves,” he said.

“There are infinite possibilities of employment generation in the growth potential of the steel industry. I appeal to both the private and public sectors to develop new ideas, nurture them and share them. We need to move ahead together in the modern technology upgrade in manufacturing. We have to create as many new employment opportunities as possible for the youth of the country,” he said, adding that there were some challenges in the development journey of the steel industry and it is necessary to solve them to move ahead.

The PM said that if the global partners and Indian companies work together in this direction, then various challenges will be resolved faster.

In the last 10 years, the country has taken strides in mining. “Now it is very important to use these allotted mines and the resources of the country properly and on time. The more delay there is in this, the country will suffer losses and the industry will also suffer losses,” he said, stressing on acceleration of green field mining.

Shri Bhupathi Raju Srinivasa Varma, Minister of State, Ministry of Steel said, “Steel industry is a pivotal pillar of India’s economic expansion, contributing nearly 2% of GDP. As we strive towards becoming a US $ 5 Trillion economy, the sector’s role in infrastructure, manufacturing and exports will only become indispensable. Every investment in steel fuels a ripple effect across allied industries, strengthening our economic foundation and manufacturing excellence.”

Shri Lakhan Lal Dewangan, Hon’ble Minister of Commerce and Industry, Labour, Chhattisgarh highlighted the important role of his state in Indian Steel Industry stating, Chhattisgarh has long been the backbone of India’s steel industry, contributing significantly to the nation’s production capacity and industrial growth. India Steel 2025 is a timely platform to showcase the immense potential of our state—not only as a leading steel-producing region but also as an emerging hub for green manufacturing and value-added steel products. With the strong support of central government initiatives such as the PM Gati Shakti programme, the National Steel Policy, and Production Linked Incentive (PLI) schemes, Chhattisgarh is rapidly enhancing its infrastructure, attracting new investments, and creating skilled employment opportunities.”

Shri Sandeep Pondrik, Secretary, Ministry of Steel highlighted the importance of the Indian steel industry. He said, “For the last four years, India has been growing in double digit, perhaps the only major economy which is growing at such a rate. We are not only growing, we will continue to grow for a foreseeable future.  He further added that this growth is happening because of growing steel consumption. In the last 10 years we have doubled the consumption and that is why the steel industry is seeing a positive side. Another factor is our per capita consumption is growing- we have crossed 100 KGs per capita consumption and we are hoping to cross 160 KGs per capita consumption in next 4/5 years.

Shri Amarendu Prakash, Chairman, Steel Authority of India Ltd. (SAIL) highlighted the importance of India Steel 2025.  He said “India Steel 2025 is not just an exhibition—it is a strategic platform that underscores India’s rising stature in the global steel landscape. As we continue to strengthen our capabilities and expand our global footprint, forums like India Steel provide the perfect opportunity to engage with international partners, showcase our technological advancements, and reaffirm our commitment to nation-building through steel.”

Shri Anant Goenka, Senior Vice President, FICCI & Vice Chairman, RPG Group said, "The steel industry today serves as a critical catalyst for advancing multiple national priorities. Its growth generates a multiplier effect on manufacturing, industrial and economic growth. To support the growth of the steel industry, it is essential to address certain challenges like financing of capacity augmentation, dumping, cost competitiveness and regulatory pressure around decarbonization as we transition to green steel.

Dr. Edwin Basson, Director General, World Steel Association said, “India is the second largest steel producer and user, which means what happens here in India is important on a global basis and is also important for the global steel industry. It is indicative of India’s status as a developing economy. Steel industry is an enabling industry, for every 1 US dollar of income generated in the steel industry, there is another 5$ USD generated elsewhere in the economic system.

He also highlighted the challenges faced by the industry such as maintaining the level playing field, decarbonization and last but not the least is human challenge. India can play a major role in combating all these challenges.

With India now the second-largest producer of steel globally, India Steel 2025 serves as a vital convergence point for domestic and international stakeholders to explore investment opportunities, forge partnerships, and accelerate the industry's contribution to India’s economic growth.

 

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