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Metalogic PMS, India’s leading Metals & Mining intelligence firm, successfully hosted the conference on Steel & Metals for the Defense Sector. The conference, scheduled for Wednesday, 31st July 2024, at the Indian Habitat Centre in New Delhi, aimed to highlight the pivotal role of steel in meeting India’s rising defence needs.
The event was presided over by the esteemed presence of distinguished dignitaries, including Sh. Bandaru Dattatraya, Governor of Haryana, Government of Haryana, who was the Chief Guest at the event., Mr S. K. Jha, CMD Midhani Limited, Mr Vijay Sharma, Director Jindal Stainless Ltd., Sh. S V Chakravarthy, Director (Commercial), SAIL and, Sh. P V Raja Ram, Director (Production) with Addl. charge of Director (Technical), Bharat Dynamics Limited.
“We are thrilled to host this conference, which aims to highlight the significant contributions of the steel and metals industry to India’s defence sector. By bringing together industry leaders and experts, we hope to spark new ideas and collaborations to drive innovation and strengthen our nation’s defence capabilities”, said Mrs. Monica Bachchan Duvvuri, Founder and CEO of Metalogic PMS.
The discussions during the event were focused on the growth trajectory of the Indian defence sector and its needs from the steel industry to ensure national security and reduce reliance on imports.
The country’s defence sector has started producing and exporting Indigenous goods. Annual domestic defence production reached nearly ₹1.27 trillion in FY24, a 16.7 % rise from ₹1.09 trillion in the previous fiscal year. In addition, the sector also recorded its highest-ever defence exports, reaching $2.5 billion in the fiscal year 2023-24. This significant milestone marks a 25% increase from the $2 billion reported in FY23.
However, the sector still faces challenges like inadequate availability of domestic input materials, which are used for producing defence-specific products like special alloy grade material and lightweight, high tensile products, etc. India still ranks amongst the largest defence and arms-importing nations, accounting for 9.8% of global arms sales. The recent advances in steel manufacturing, fabrication technologies, and light-weighting of steel were highlighted during the course of the event.
In this regard, Sh. Bandaru Dattatraya mentioned that the Defence Ministry has set the target of 70 % sourcing of arms and guns produced from Indigenous material by FY2027, with the possibility of broader pathways for smaller and large-scale players. He further added that the Defence Ministry has provided a level playing field to domestic manufacturers of around 101 arms and ammunition by planning an import substitution model.
This initiative of the government has led to substituting the imports of few defence-related equipment including arms and ammunitions like helicopters, ATVs, and small-range missiles, etc, he added.
In the recent Union Budget of FY25 announced by Fin Min Sh. Nirmala Sitharaman, Ministry of Defence (MoD), has been allocated ₹6,21,940.85 crore, the highest among the Ministries. The allocation to MoD for FY 2024-25 is higher by approx. ₹1 lakh crore (18.43%) over the FY 2022-23 allocation and 4.79% more than the FY 2023-24 allocation. The Indian steel industry is thriving to supply its steel and reduce the reliance on imports from the defence sector.
This event will bring together industry leaders, policymakers, and experts to explore the critical role of steel and metals in strengthening India’s defence capabilities.
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