India must ramp up its steel production capacity to 300 million tons by 2030, up from the current levels of 180 million tons, said Steel Secretary Sandeep Poundrik at the Curtain Raiser of FICCI’s 97th AGM and Annual Convention. Highlighting the growing demand, he noted that India’s per capita steel consumption is nearing 100 kilograms per person, an inflection point that often triggers accelerated growth in national economies.

“We will need about 300 million tons of capacity by 2030, requiring an additional 120 million tons from our current levels,” Poundrik emphasized, warning that without this growth, India risks becoming a net importer of steel.

He further addressed the challenges posed by increased imports and depressed steel prices, mentioning that imports surged by 41% in the first half of this financial year while exports fell by 36%. The inventory levels in steel companies have also doubled from the usual 15-16 days to about 30 days.

Also Read :- Jitendra Singh Advocates Responsible Use of AI for Greater Good

The Steel Secretary also raised concerns about dumping in international markets, which has suppressed global steel prices, and pointed out that 62% of India’s steel imports come from Free Trade Agreement (FTA) countries. “Even increasing the basic import duty would have no impact on these 62% of imports,” he remarked.

On the disinvestment of public sector units (PSUs) in the steel industry, Poundrik advocated for privatization, stating, “Disinvesting struggling PSUs will attract new private investments and improve efficiency, benefiting both the public and private sectors.”

The discussion underscored the urgency for strategic interventions to boost domestic production and address challenges in the steel trade as India’s demand continues to soar.

Be a part of Elets Collaborative Initiatives. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook , connect with us on LinkedIn and follow us on Twitter, Instagram.

"Exciting news! Elets technomedia is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!