India aims to surpass its 2047 target of 500 million tonnes and potentially become the world’s largest manufacturer, despite concerns over rising steel imports.
- Updated On Apr 26, 2025 at 08:56 AM IST
Piyush Goyal, Minister of Commerce and Industry“>
The domestic steel industry will be the biggest beneficiary of India’s growth story, commerce minister Piyush Goyal said on Friday, urging incumbents to build a billion tonnes of capacity.
India is currently the second largest producer of steel in the world after China, with a production capacity of 180 million tonnes. The National Steel Policy 2017 aims a production capacity of 300 million tonnes in the country, while the target for 2047 is pegged at 500 million tonnes.
“Clearly 500 million tonnes is a sub-optimal target,” he said at an event in the city. “We should, I think, aspire at least to go up to the level of our nearest competitor, and why can’t we aspire to be the world’s largest manufacturer of steel by 2047?”Most large steel-makers in the country are aggressively expanding capacities. They have, though, highlighted the high imports coming into the country, which have not only impacted their realisations, but are also impacting their export markets.India is estimated to have imported 9.5 million tonnes of steel in 2024 – 25 (Apr-Mar), the highest in nearly nine years. Most of these are coming from China, sometimes routed through other countries with which India has a Free Trade Agreement.
- Published On Apr 26, 2025 at 08:52 AM IST
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