India steel production to cross 300MT by 2030: Official
steel demand amid headwinds, a senior central government official said on Saturday that the domestic production is likely to cross 300 million tonnes by 2030. The ministry also does not foresee any hurdles in capacity addition due to decarbonisation efforts in the steel sector and will soon release a draft roadmap seeking public opinion to reduce the carbon footprint in the steel sector, which accounts for 12 per cent of total emissions, Steel Secretary Nagaendra Nath Sinha said.
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«The current steel demand remains strong with infrastructure push from the government and expecting a growth of about 10 per cent. The GDP is also growing robustly, and with continued emphasis on infrastructure from both government and private sectors, steel demand will continue to stay strong,» Sinha said, while addressing members of the Bharat Chamber of Commerce (BCC).
Finished steel output during 2023-24 was 138.5 million tonnes, up 12.4 per cent year-on-year. To achieve 300 million tonnes of installed capacity, a CAGR of 12 per cent would be required.
From January to April 2024, steel production was 49.5 million tonnes, a jump of 8.5 per cent, BCC president N G Khaitan said.
Sinha also stated that some steel makers were not reporting production and sales data accurately, and the ministry feels there are gaps. He urged companies to report correctly to support policy framing.
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