Steel Industry Gathering in 2024: Fostering a Self-Reliant and Globally Competitive Steel Industry
The Steel Summit 2024 took place on the 27th of September at The Ashok Hotel, New Delhi. This significant event served as a pivotal platform for stakeholders to address critical challenges faced by the steel industry and explore effective mitigation strategies.
The Chief Guest for the summit was Shri Bhupathiraju Srinivasa Varma, Minister of State for Steel & Heavy Industries. In his address, he emphasized the importance of strengthening domestic production capabilities to ensure India's steel sector remains competitive on a global scale.
Shri Sandeep Poundrik, Secretary, Ministry of Steel, delivered the keynote address during the Inaugural Session. He highlighted the positive growth rate of steel demand in India and urged urgent investment in the sector due to the increasing elasticity between GDP and steel consumption.
The India Green Steel Coalition (IGSC) was launched during the summit, a joint initiative by CII and WWF-India. The Coalition aims to promote green steel production and consumption in India, with Shri Bhupathiraju Srinivasa Varma officially launching it. The IGSC was jointly launched by Sanjay Jindal, Chairman and Managing Director of Jindal Steel and Power Limited (JSPL).
The Indian steel industry, a crucial input in several downstream ecosystems, including construction, mobility, automotive, and mechanical engineering, was discussed in the context of its role in achieving a sustainable, low-carbon future. Shri Sandeep Poundrik urged steelmakers to focus on the beneficiation of iron ore to ensure the availability of both high- and low-quality iron ore for future generations.
The summit also witnessed the unveiling of a report on "Green Steel Production Pathways". This report provides strategies for securing raw material supply, increasing domestic demand, and navigating global trade dynamics.
Furthermore, the government announced plans for another round of Production Linked Incentive (PLI) Scheme for specialty steel. This initiative aims to boost the competitiveness of the Indian steel industry, unlocking new avenues of growth and prosperity.
The Steel Summit 2024 attracted nearly two hundred national-level stakeholders, underscoring the importance of this event in shaping the future of India's steel sector. The theme of the summit, "Developing an Atmanirbhar and Globally Competitive Steel Sector," resonated throughout the event, emphasizing the need for a self-reliant and globally competitive steel industry in India.
