Union Minister Piyush Goyal Sets Ambitious Target for Steel Industry, Calls for Decarbonization and Innovation

New Delhi: Union Minister of Commerce and Industry, Piyush Goyal, today outlined a bold vision for India’s steel industry at the 5th edition of the ISA Steel Conclave in New Delhi. During his address, the Minister set a target for India to achieve 500 million tonnes of steel production by 2034, emphasizing the critical role of decarbonization in future growth.

Goyal urged industry leaders to scale up their operations and focus on economies of scale by adopting greener production methods. “Green steel will be in higher demand, and it’s crucial for the industry to align with global expectations on sustainability,” he stated.

The Union Minister made three key recommendations to guide the domestic steel sector toward this ambitious target:

1. Low Emission, High Productivity: He called on the industry to prioritize innovative approaches for achieving low emissions while maintaining high productivity and quality, positioning India as a global leader in steel manufacturing.
2. Adoption of Artificial Intelligence: Goyal highlighted the potential of artificial intelligence (AI) in optimizing production, reducing waste, and enhancing efficiency across the steel value chain. He encouraged industry stakeholders to integrate AI-driven technologies to remain competitive in the global market.
3. Indigenous Machinery: The Minister urged the sector to focus on using domestically-produced machinery to boost local production and reduce reliance on imports, furthering the ‘Atmanirbhar Bharat’ (self-reliant India) initiative.

“This is India’s decade to showcase innovation, inclusion, collaboration, and cooperation across industries as we work toward realizing the vision of Viksit Bharat (Developed India),” Goyal stated. He lauded the industry’s efforts in branding Indian steel as a ‘Made in India’ product, which he said reflects the nation’s growing self-reliance and nationalist spirit.

Addressing the need for a level playing field for domestic producers, Goyal assured that the government is considering the introduction of a Border Adjustment Tax to promote sustainable steel manufacturing. This tax could help address concerns related to unfair competition from imports, ensuring that Indian producers are not disadvantaged by cheaper foreign goods.

The Minister also highlighted the government’s continued investment in infrastructure development and stressed that industry must find new ways to lower carbon emissions while enhancing quality and productivity. He assured stakeholders that the government’s commitment to safeguarding the interests of the steel sector remains unwavering and that long-term investments in capacity building will yield significant benefits.