Summary:

Prime Minister Narendra Modi urged India’s steel sector to eliminate imports and become a net exporter, advancing the nation’s goal of becoming a developed country by 2047. Speaking at India Steel 2025, he emphasised the sector's crucial role in infrastructure, economic growth, and achieving a Rs. 4,26,75,000 crore economy. He called for expanding production capacity to 500 million tonnes and boosting innovation, with all government projects mandated to use 'Made-inIndia' steel.

Despite growing steel demand, India remains a net importer, with imports rising 20.3% year-onyear to 8.29 million tonnes between April 2024 and January 2025, while finished steel exports declined by 28.9% to 3.99 million tonnes. Concerned by rising imports, particularly from China, the government imposed a 12% safeguard duty for 200 days. Amid global trade tensions, India aims to strengthen domestic manufacturing and reduce dependence on foreign markets.

Source: IBEF

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