Achieving self-reliance in steel is not merely an economic imperative but also a strategic necessity, especially in the face of global uncertainties said Shri Bhupathiraju Srinivasa Varma, Hon’ble Minister of State for Steel and Heavy Industries, Government of India
“Achieving self-reliance in steel is not merely an economic imperative but also a strategic necessity, especially in the face of global uncertainties” said Shri Bhupathiraju Srinivasa Varma, Hon’ble Minister of State for Steel and Heavy Industries, government of India. He also said that strong focus on R&D will not only enhance efficiency but also drive innovation, allowing India to produce high-quality steel that meets international standards. By exploring new materials and sustainable practices, the steel industry can adapt to evolving market demands while ensuring compliance with global regulations. R&D initiatives will also play a vital role in reducing environmental impact, positioning India competitively on the international stage. He was addressing the Confederation of Indian Industry (CII) Steel Summit 2024 in New Delhi.
He also said that to achieve steel self-reliance, focused efforts are needed to develop high-quality domestic production capabilities, leveraging local raw materials and expertise. Highlighting the importance of sustainability for the sector, he said that the Ministry of Steel has taken proactive steps by establishing 14 task forces focused on sustainability, with recent recommendations that are crucial for the sector's growth in light of international regulations, such as CBAM. He said that such regulations are increasingly relevant as the world moves towards more stringent environmental standards, and India must adapt accordingly.
Mr Sandeep Poundrik, Secretary, Ministry of Steel, Government of India said that as the steel industry evolves, three key challenges stand out: addressing the increasing demand for raw materials, ensuring raw material security through diversification, and enhancing sustainability by focusing on green steel production. Tackling these challenges is essential for the industry's growth and long-term viability”.
He said that while the country is doing well in the overall steel capacity, speciality steel is one area where we need to do more. The Government is bringing another round of PLI to get more interest in the speciality steel business due to lack of interest in the first round of the scheme.
He also said that the steel industry needs to prioritize iron ore beneficiation and utilize both high-quality and low-quality iron ore to meet future demand. Failing to do so will result in substantial cost increases down the line. Beneficiation is key to maximizing resource utilization, reducing costs, and enhancing supply security.
Mr Koushik Chatterjee, Chairman, CII National Committee on Steel and Executive Director, Tata Steel Ltd said that the vision of Viksit Bharat, laid out by the Hon’ble Prime Minister Shri Narendra Modi, is a transformative initiative that aims not only for economic growth but also for social and infrastructural development. At the core of this vision is the steel sector, a foundational industry that plays a crucial role in supporting infrastructure, manufacturing, and industrial progress.
Mr Jayant Acharya, Co-Chairman, CII National Committee on Steel and Joint Managing Director and CEO, JSW Ltd. said "India is growing at an exceptionally fast pace, and we are fortunate to be part of this economic journey. As we see, at least two decades of sustained growth lie ahead, much like the growth cycles witnessed in Japan, Korea, China, Europe, and the U.S. This is a pivotal moment, where India's development is driven by structural enablers such as infrastructure creation—both physical and digital—underpinned by strong government initiatives. Manufacturing for India, in India, is now a necessity as we aim to achieve true self-reliance.”
Dr Edwin Basson, Director General, World Steel Association while addressing the summit said "For every $1 of value created in the steel industry, another $4 is generated in supporting sectors, from raw materials to services and similarly for every 1 job in the sector, 13 jobs are created across the supply chain. This highlights the enabling nature of the steel industry—not just as a backbone of developing economies like India, but as a driver of growth and value creation across the broader economy."
Speaking at the launch of the Indian Green Steel Coalition at the Summit, Mr R K Goyal, Chairman, India Green Steel Coalition (IGSC) and Managing Director, Kalyani Steels Ltd, said that the Indian Green Steel Coalition believe in leveraging renewable energy and green technologies to drastically reduce emissions in the steel industry. Whether it's through carbon capture or utilizing green hydrogen, focus remains on innovating India-specific technologies that will drive the decarbonization of the steel industry and contribute to India's net-zero ambitions by 2070.
Mr Ravi Singh, Secretary General and CEO, WWF, while speaking at the summit said that through our joint initiative with CII, we aim to decarbonize India's steel production by reducing its carbon intensity by at least 30% by 2030 compared to 2023 levels. Our focus is on science-based advocacy to promote the adoption of green technology and move toward a near-zero emission pathway.
27 September 2024
New Delhi