PM Modi Aims for Indian Steel Industry to Reduce Import Dependence

Prime Minister Narendra Modi has emphasized that securing raw materials remains a major challenge for India's steel sector. Speaking at the India Steel 2025 event via video conference on Thursday, April 24, he urged the industry to explore alternatives to imported coal and speed up greenfield mining projects. He also stressed the need for more efficient use of alloyed mines.

India's Prime Minister Narendra Modi speaks during a joint press statement with European Commission President Ursula von der Leyen at the Hyderabad House in New Delhi, India, February 28, 2025. REUTERS/Altaf Hussain

PM Modi commended the Indian steel industry as a cornerstone of the nation's economic ambitions. He reiterated the government’s commitment to strengthening the sector and positioning it as a global leader. "Steel is the skeleton of global development," the Prime Minister remarked. "Behind every success story, there's steel."

The Prime Minister highlighted the steel industry's central role in India's journey to becoming a $5 trillion economy. He envisioned steel contributing to national growth across various sectors, including infrastructure, automobiles, defense, and railways. "India is not only the largest producer of steel but also one of the fastest-growing markets," he added.

With the government’s $1.3 trillion National Infrastructure Pipeline (NIP), PM Modi pointed out that the developmental efforts are generating a steady demand for steel in diverse sectors. "Our infrastructure, automotive, and defense sectors are increasingly powered by Indian-made steel," he noted, emphasizing that domestically produced steel was used in the country’s first captive aircraft.

The Prime Minister outlined ambitious objectives for the sector, such as achieving 500 million tonnes of steel production by 2047 and exporting 25 million tonnes. He also expressed a desire for India to manufacture large, advanced ships for export. With India’s rail infrastructure rapidly expanding, he identified it as another significant driver for the sector.

PM Modi concluded by highlighting the growing demand for high-grade steel and urged both public and private sectors to collaborate on research and development (R&D) and manufacturing innovations. (From MSN)

Conclusion 

PM Modi’s vision for the Indian steel industry focuses on reducing import reliance, enhancing domestic production, and fostering innovation. With ambitious goals for the future, the steel sector is poised to play a critical role in India’s economic growth and its aspiration to become a global leader in steel production and exports.