Shri Piyush Goyal Sets 500 Million Tonnes Domestic Steel Production Target by 2034

Union Minister of Commerce and Industry, Shri Piyush Goyal during his address at the 5^th edition of ISA Steel Conclave on 5th August 2024 in New Delhi set a target of 500 mn tonnes of steel production by 2034.He urged the industry leaders to focus their energy on economies of scale through decarbonisation as green steel will be in more demand.

The Union Minister further made three suggestions for the domestic steel industry. 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, he added. He also lauded the steel industry for branding Indian steel as a ‘Made in India’ product. It is a signal of our growing Atmanirbharta. Steel made and consumed in India is reflective of our nationalist spirit, he said.

Shri Goyal asserted that domestic industry should be given levelling 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.

He 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 beneficial in the long run. Shri Goyal assured the stakeholders that the Government is fully committed to safeguard the interests of the industry.