India’s steel industry is set to lead global growth. To support the industry, the government signed 57 memoranda of understanding (MoUs) with 27 companies under the Production Linked Incentive (PLI) Scheme for speciality steel. This move is expected to attract an investment of ₹30,000 Crores, create 25 million tonnes of speciality steel capacity, and generate over 60,000 job opportunities within five years.

Speaking at the India Steel 2023 conference, Jyotiraditya M. Scindia highlighted India’s rapid ascent in steel production, with a 6 percent compound annual growth rate (CAGR) over the past decade. He also predicted an 11 to 12 percent increase in steel consumption in the coming years.

India is now the world’s second-largest steel producer, with per capita steel consumption increasing from 57kg to 78kg in the past nine years. Furthermore, India’s goal is to become a manufacturing powerhouse and increase the steel sector’s contribution to GDP from 2 percent, to 5 percent.

Scindia further highlighted the government’s commitment to producing green steel and reducing the industry’s carbon footprint. He stressed the importance of recycling and promoting the circular economy within the sector.

The role of technology and innovation in fast-tracking the steel sector’s development. Scindia also announced the formation of two Advisory Committees to ensure stakeholder involvement in decision-making for both Integrated Steel Producers and Secondary Steel Producers.

Looking at these developments, it is projected that the next era of growth belongs to India’s steel industry. Considering this the government urged stakeholders to collaborate and work towards achieving the nation’s ambitious goals.

India’s position as a leading force in the global steel industry. The government’s initiatives, such as the PLI Scheme and its focus on sustainability, are expected to drive further growth and cement India’s status as a manufacturing powerhouse.