India’s steel sector is set to witness significant growth in the coming years, according to Union Minister of Steel and Civil Aviation, Shri Jyotiraditya Scindia. Speaking at the fourth Global Zinc Summit -2023, he highlighted India’s current position as the fourth largest producer of zinc globally, with 80% of zinc produced consumed domestically.
Shri Scindia emphasized the collaborative efforts of Indian Railways and Steel Authority of India Limited (SAIL) in producing corrosion-free steel. By incorporating anti-corrosion features and quality control measures to prevent oxidation in steel products, zinc holds immense marketing potential in sectors such as renewable energy, rural electrification, and galvanizing structures in smart cities. The use of galvanized steel will significantly extend the lifespan of infrastructure along India’s vast coastline.
In terms of production capacity, Minister Shri Scindia revealed plans to double India’s current steel production from 150 million tonnes per annum to an impressive 300 million tonnes per annum by 2030. Already positioned as the world’s second largest steel producer, India has witnessed a notable increase in per capita steel consumption from 57kg to 78kg over the past nine years.
To further boost steel production, Shri Scindia highlighted the successful implementation of the Production Linked Incentive (PLI) scheme for specialty steel. The government has already approved a Rs 6,322-crore investment under this scheme for specialty steel production. This initiative aims to augment production capacity by 26 million tonnes per annum and generate employment opportunities for approximately 55,000 people through an investment totaling Rs 30,000 crore.
Additionally, Minister Shri Scindia noted that India has allocated a substantial budget of Rs 10 lakh crore for infrastructure development, providing tremendous investment opportunities across various sectors.
Considering the Prime Minister’s commitment to achieving net-zero carbon emissions by 2030, the Steel Minister stressed the importance of coexisting with the environment and adopting sustainable practices. He emphasized the need to move away from a linear model of production and disposal towards recycling as an integral part of our existence.
The event witnessed the presence of esteemed delegates from Europe, America, and Asia, including Member of Parliament Shri Raju Bista, Shri Arun Misra CEO HZL, and Dr. Andrew Green ED IZA.