PM Modi Pitches For A ‘Steel-Strong India’

The country is aiming to increase the steel production capacity to 300 million tonne by 2030, from the 179 MT in FY24, and added that the per capita steel consumption is also targeted to grow to 160 kg from 98 kg

Mumbai: Prime Minister Narendra Modi on Thursday asked the industry to come together to build a “resilient, revolutionary and steel-strong India”. Speaking at the India Steel 2025 event, the PM also said that the country needs to strengthen its global partnerships for securing raw materials and called on the industry to start extracting iron ore from unused greenfield mines to increase steel production.

Terming steel as a sunrise sector, Modi underlined the need to up production of the commodity which is the “backbone” of development, adopt newer processes, undertake innovation, exchange best practices within and also look at import substitutions in coal. “Let us come together to build a resilient, revolutionary and steel-strong India,” Modi said in his address to the steel industry participants.

He acknowledged that getting raw materials is a “major concern” for the steel sector, and urged all to strengthen global partnerships and secure supply chains. “One major concern is raw material security. We still depend on imports for nickel, coking coal and manganese. And hence, we must strengthen global partnerships, secure supply chains, and focus on technology upgrades,” Modi said in a virtual address at the event. Stating that there are unused greenfield mines, Modi said it is very important to their proper and timely utilisation, and warned that both the country and the industry will suffer due to this. He said the country also needs to explore alternatives like coal gasification and better utilisation of its reserves to reduce coal imports.