Steel Industry Summit 2024: Fostering Self-Reliant and Globally Competitive Steel Industry
The Steel Summit 2024, held on 27th September at The Ashok Hotel, New Delhi, served as a pivotal platform for meaningful discussions and collaboration towards the future of the steel industry in India. Organised by the Confederation of Indian Industry (CII), the event brought together government officials, industry leaders, investors, researchers, and policymakers.
The Minister of State for Steel & Heavy Industries, Shri Bhupathiraju Srinivasa Varma, was the Chief Guest for the Summit. In his address, he emphasised the importance of strengthening domestic production capabilities and launching the "India Green Steel Coalition (IGSC)". The IGSC, a joint initiative by CII and WWF-India, aims to promote green steel production and consumption in India, aligning with India's broader sustainability goals and carbon reduction targets.
Shri Sandeep Poundrik, Secretary, Ministry of Steel, delivered the keynote address during the Inaugural Session. He shared that the government is planning another round of Production Linked Incentive (PLI) Scheme for specialty steel. The PLI scheme is expected to boost the domestic steel industry's competitiveness and attract more investments.
The growth rate of steel demand in India is increasing, with an elasticity between GDP and steel consumption, suggesting that steel demand is likely to outpace capacity expansion. This underscores the need for urgent investment in the sector. The Minister of Steel and Heavy Industries, in his keynote address, highlighted the importance of this investment and the need to address critical challenges faced by the sector.
The Steel Summit 2024 explored strategies for securing raw material supply, increasing domestic demand, and navigating global trade dynamics while advancing towards a sustainable, low-carbon future. The Secretary of the Ministry of Steel, 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 Indian steel industry holds a spotlight on the global stage, flourishing at a healthy growth of 8.2% in 2024, supported by infrastructure investments, government spending, and demand from end-use industries. The industry signifies strong economic growth and plays a strategic role in the overall economic prosperity.
The Steel Summit 2024 served as a pivotal platform to address critical challenges faced by the sector and to explore effective mitigation strategies. The event witnessed participation from nearly two hundred national-level stakeholders and fostered meaningful discussions, insights, and a collaborative approach towards the future of the steel industry in India. The Summit concluded with a renewed commitment to a sustainable, competitive, and self-reliant steel sector in India, in line with the country's journey towards "Viksit Bharat", transforming India into a developed economy by 2047, with a focus on key sectors such as manufacturing.
