Industry growth-performance have been remarkable in recent years, says Goyal
Steel is vital in India’s massive investment-driven infrastructure developments to meet the aspirations of its growing population and an industrialising economy, says Commerce and Industry Minister Piyush Goyal.
Addressing the 4th edition of ‘ISA Steel Conclave 2023’ held in New Delhi on 7 Nov 2023, the Minister acknowledged that steel is vital to achieving this goal, with an aspiration to produce 300 million ones of steel annually by 2030.
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.
The industry’s growth and performance have been remarkable in recent years, with Goyal receiving feedback from major steel producers regarding their plans for capacity expansion and sustainable manufacturing practices.
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.
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.
Event participants discussed ‘Steel Shaping the Sustainable Future,’ underscoring the multifaceted role of the steel industry in India’s growth and development.
The Minister also 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, he underlined.
Goyal highlighted the importance of recycling steel scrap, referring to the recently promoted automobile scrapping policy and the potential it has to reduce pollution and crude oil imports while fostering demand for energy-efficient electric vehicles. Fiinews.com
