Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Prime Minister Narendra Modi has reaffirmed the strategic importance of the steel sector in India’s development journey. In a recent statement, he described steel as the “backbone of a rising India,” highlighting its vital role across infrastructure, defence, clean energy, and electric mobility.
The statement came in response to insights shared by Union Steel Minister HD Kumaraswamy, who outlined the sector’s contributions to national growth and its alignment with the government’s vision of Atmanirbhar Bharat (self-reliant India).
India has seen a significant surge in steel production, becoming the world’s second-largest producer. Since 2014, domestic output has nearly doubled, supported by key policy initiatives such as the Domestically Manufactured Iron & Steel Products (DMI&SP) Policy and Production Linked Incentive (PLI) schemes.
The government aims to boost steel production capacity to 300 million tonnes per annum (MTPA) by 2030. This growth is also geared toward fostering green steel technologies and enhancing India’s global competitiveness.
Steel Minister Kumaraswamy emphasized that the sector is powering major infrastructure projects, including highways, metro networks, defence manufacturing, and renewable energy development. He praised the role of MSMEs in this transformation, positioning the steel industry as a cornerstone of India’s economic resilience.
Also Read : Steel Imports to India Drop 20% in Jan–May 2025 After Safeguard Duty Boost Govt approves EV policy to promote India as manufacturing destination for EVs
Turkey's steel industry has recently experienced significant growth, with exports increasing by 27.6...
Business 04-Mar-2025
India's fuel usage is predicted to go up by 2.7% in the upcoming fiscal year starting April 1, as pe...
Notification 25-Jan-2024
Jakson Ventures Private Ltd (JVPL), one of India's largest and oldest providers of diesel generators...
Mid Corporate 29-Feb-2024
Epsilon Carbon Pvt. Ltd. has signed a Memorandum of Understanding (MoU) with the Government of Odish...
Renewables 20-Jan-2024
To discuss India's export control policies for sensitive commodities and technologies, the governmen...
Business 29-Jan-2024
Equipment makers face steel supply issues. 12% safeguard levy triggers delays, cost hikes. Industr...
Construction 30-Apr-2025