Steel sector's tech investment likely to hit US$ 2.7 billion by 2030: Report

Investments in process and digital technologies across India's steel value chain are expected to grow to US$ 2.7 billion by 2030, according to a FICCI-Deloitte report. These investments will enhance technological capabilities and contribute to a more efficient and sustainable mining and steel industry. The report, Automation, Digitalisation and Technology Integration for the Indian Mining and Steel Sector, forecasts that investment in these technologies will rise from US$ 1-1.2 billion in 2024 to US$ 2.3-2.7 billion by 2030, excluding ERP upgrades.

2030 is pivotal for India's steel industry, as the National Steel Policy 2017 aims to boost the country's steel-making capacity to 300 million tonnes by then. The report also anticipates that per capita steel consumption will reach 160 kg by 2030 and approximately 220 kg by 2047. Digital tools can improve compliance with environmental regulations through enhanced energy efficiency and emission monitoring while also providing the flexibility and scalability needed to adapt to market changes, drive innovation, and improve worker safety. Partner at Deloitte India, Mr. Rajib Maitra, noted the transformative impact of AI and digital technologies on the sector. At the same time, the Co-Chair of the FICCI Steel Committee, Mr. Gajraj Singh Rathore, emphasised the importance of fostering innovation, technology adoption, and digitalization to shape a resilient and sustainable future.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.