Piyush Goyal, the Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, emphasized India’s shift towards substantial infrastructure investments to meet the needs of its expanding population.
During his speech at the 4th edition of the ‘ISA Steel Conclave 2023’ in New Delhi, the Minister recognized the pivotal role of steel in attaining this objective, with a target to produce 300 million tons of steel annually by 2030.
The event revolved around the theme ‘Steel Shaping The Sustainable Future,’ emphasizing the diverse role of the Indian steel industry in the nation’s progress and advancement. Minister commended the theme, emphasizing the crucial contribution of steel in constructing a more sustainable future.
He underscored the potential for steel, as a fundamental material in construction and manufacturing, to effectively supplant conventional, polluting industries. In the face of mounting environmental challenges, the Minister emphasized the significance of sustainable practices, including conscientious construction methods that could aid in pollution mitigation.
Key Highlights from Piyush Goyal’s Address at ISA Steel Conclave 2023
- He highlighted efforts to secure better Free Trade Agreement access for the steel industry in developed countries.
- Emphasized on the importance of intellectual property and value addition in trade agreements.
- Recognition of the steel industry’s support for the MSME sector and a call for sustained commitment to this segment.
- Acknowledgment of the steel industry’s contribution to India’s construction sector, self-reliance, and overall economic growth.
- Emphasis on quality control measures and expansion of quality control orders to ensure high-grade steel products for consumers.
- Assurance to address concerns related to safeguard duty and international trade agreements impacting the steel industry.
- Acknowledgment of the steel industry’s significant employment contribution, reinforcing its role in enhancing India’s self-reliance.
- Confidence in the industry’s potential to meet the growing sector demands and enhance sustainable manufacturing practices, with feedback from major steel producers on capacity expansion plans.
- Research and development are essential for the steel industry’s sustainability and the future, promoting green and low-carbon steel production.
- He highlighted the importance of recycling steel scrap, referring to the recently promoted automobile scrapping policy and the potential it has to reduce pollution and crude oil imports while fostering demand for energy-efficient electric vehicles.
- Stressed the importance of a collaborative approach between the government, the industry, and consumers.
- Need for an aspirational target for per capita steel consumption in India and encouraged industry players to engage in innovative and sustainable practices to achieve this goal.
Goyal said, ‘India moves toward becoming a developed nation, the steel industry will play a pivotal role in strengthening the country’s infrastructure. This recognition of the steel industry’s importance is well-placed, especially as India gears up for massive investments in infrastructure. India’s per capita steel consumption is expected to rise significantly as the country aspires to fulfill the dreams of its billion-plus citizens.’
Additionally, he recognized the steel industry’s endorsement of the ‘Brand India Project’ and encouraged active participation in upcoming exhibitions to showcase their capabilities. Reiterating his faith in the industry’s potential, he emphasized its capacity to serve as a cornerstone of India’s progress and development.
The Minister noted that India aspires to transform from being a net importer of steel to a net exporter, supporting its “One Earth, One Family, One Future” theme. The Production-Linked Incentive (PLI) for specialty steel is one of the steps taken in this direction, promoting the manufacturing of high-quality steel and bolstering India’s position in the international market.
Referring to innovative endeavors such as the steel slag road technology, the Minister highlighted the effective repurposing of waste stream slag in constructing roads and highways, demonstrating a commitment to the principles of the circular economy.
Commending the dynamic spirit of the Indian steel industry, the Minister characterized it as the foundation of the country’s progress. Reflecting on its growth trajectory from its origins, he reminisced about the inception of the first steel town in Jamshedpur.
Sharing a personal connection with the industry, Goyal expressed his pride as India now holds the distinction of being the world’s second-largest steel producer, surpassing Japan. Underscoring the significance of the National Steel Policy 2017 and recent industry investments, along with abundant iron ore resources and burgeoning domestic and international demand, he emphasized India’s potential to approach the target of producing 300 million tons of steel.
