 "Steel industry's goal should be zero import and net export: PM Modi")
Prime Minister Narendra Modi on Thursday urged the Indian steel industry to aim for zero imports and become a net exporter, calling the sector the backbone of the country’s vision for a developed India, or Viksit Bharat.
Addressing the India Steel 2025 conference in a virtual address, the Prime Minister outlined an ambitious roadmap for the sector, stating that India must build a steel production capacity of 500 million tonnes by 2047, in line with national development goals.
"The steel industry is behind every success story in India," PM Modi said, adding that the sector plays a vital role in India’s race to become a $5 trillion economy.
Govt projects use 'Made-in-India' steel only
He highlighted that major government initiatives, including PM Gati Shakti and PM Awas Yojana, are already significantly boosting demand for steel while ensuring infrastructure and housing growth across the country. He noted that all government projects are now mandated to use only made-in-India steel.
PM Modi also called on both the public and private sectors to invest in research, development, and innovation, saying the industry needs to be "future-ready" to remain competitive on the global stage.
“India’s steel sector is on the cusp of a new chapter,” he said, urging stakeholders to nurture ideas that can reshape manufacturing and bolster India's position in the global steel market.
India: A high importer of steel
India remained a net importer of steel, with imports rising 20 per cent to 8.29 million tonnes during April 2024-January 2025, as earlier reported by Business Standard. In comparison, the country imported 6.89 million tonnes in the same period last year.
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Finished steel imports totalled 8.292 million tonnes, reflecting a 20.3 per cent year-on-year increase. Meanwhile, exports dropped by 28.9 per cent, falling to 3.994 million tonnes from 5.619 million tonnes in the previous fiscal year.
Steel industry players have raised concerns over the rising imports, particularly from countries like China, which they argue are affecting domestic competitiveness.
India places safeguard duty on steel imports
Earlier this week, India also imposed a 12 per cent safeguard duty on steel imports for 200 days to protect its domestic industry.
The move came amid concerns that cheap steel imports from China may flood the market. The concerns follow the US' decision to place a 145 per cent tariff on Chinese imports. Amid the growing trade tensions between China and the US, India worries it may be the recipient of Chinese surplus steel.