Prime Minister Narendra Modi addressed the India Steel 2025 programme virtually on Wednesday, highlighting the sector’s role in shaping the future of a developed India. Organized in Mumbai, the event brought together stakeholders from across the industry for a two-day dialogue on opportunities and innovation in India’s steel sector.
PM Modi described steel as “the backbone of modern economies” and compared its role to that of a skeleton, supporting critical sectors such as infrastructure, construction, and manufacturing. “Whether it is skyscrapers, shipping, highways, high-speed rail, smart cities, or industrial corridors, steel is the strength behind every success story,” he said.
“India is moving forward with the goal of becoming a $5 trillion economy, with the steel sector playing a central role in achieving this mission” he added. He expressed pride in India being the world’s second-largest steel producer and stated that the country aims to produce 300 million tons of steel by 2030 under the National Steel Policy. He also noted that per capita steel consumption, currently at 98 kilograms, is projected to rise to 160 kilograms by 2030.
PM Modi underscored the importance of initiatives such as the PM-Gati Shakti National Master Plan and the National Infrastructure Pipeline in expanding the steel sector’s footprint. He highlighted infrastructure development projects in eastern India, where much of the steel industry is concentrated, and mentioned government welfare schemes like PM Awas Yojana and Jal Jeevan Mission as additional drivers of demand.
He said the government has mandated the use of ‘Made in India’ steel in public projects and that public sector initiatives remain the largest consumers of steel in the country. He also said policies targeting the steel industry are helping boost competitiveness in sectors like construction, manufacturing, machinery, and automotive.
Touching on India’s journey towards self-reliance in high-grade steel, PM Modi said he was proud that the steel used in the country’s first indigenous aircraft carrier and in the Chandrayaan mission was made domestically. He credited the Production Linked Incentive (PLI) scheme for supporting high-grade steel manufacturing and called the transformation a “beginning of a long journey.” With the reclassification of shipbuilding as infrastructure, the Prime Minister said India aims to produce modern ships for both domestic use and export.
PM Modi said the country is working to boost steel exports to 25 million tons and increase production capacity to 500 million tons by 2047. He urged the industry to adopt a future-ready approach by embracing new processes, grades, and digital technologies. “The future of the steel industry will be shaped by AI, automation, recycling, and by-product utilization,” he said.
He also acknowledged the challenges facing the industry, particularly in securing raw materials like coking coal, nickel, and manganese. Emphasizing the need to reduce dependence on imports, he called for the exploration of alternatives such as the Direct Reduced Iron (DRI) route and coal gasification technologies. PM Modi encouraged stakeholders to accelerate efforts in utilizing greenfield mines, stating that delays could adversely affect the sector’s growth.
