
Summary:
Mr. Sandeep Poundrik, Steel Secretary, stated that India needs to increase its steel-making capacity by 100 million tonnes (MT) by 2030 to reduce dependency on imports. Speaking at an Indian Chamber of Commerce (ICC) event, he mentioned the consequences of global overcapacity and low steel demand. India's current capacity of 200 MT must be increased to 300 MT by 2030 to meet future demand, according to the National Steel Policy.
The Secretary emphasized the importance of keeping India's steel sector competitive amidst sluggish demand in major economies like China, the United States, and Europe. He stressed that domestic steel prices must remain competitive for the industry's viability and to allow for investments in capacity growth. Additionally, with global shifts toward reduced carbon emissions, he highlighted the importance of transitioning to greener, low-carbon production methods to maintain India's leadership in the steel industry.
Source: IBEF
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