Union Minister of Commerce and Industry, Mr. Piyush Goyal sets 500 million tonnes domestic steel production target by 2034

Union Minister of Commerce and Industry, Mr. Piyush Goyal, addressed the 5th edition of the ISA Steel Conclave in New Delhi, setting an ambitious target of 500 million tonnes of steel production by 2034. He urged industry leaders to focus on achieving economies of scale through decarbonization, as green steel is expected to see higher demand. He outlined 3 key suggestions for the domestic steel industry: first, to explore innovative methods for low emissions, high productivity, and superior quality, aiming to position India as a global steel leader; second, to leverage artificial intelligence (AI) to optimize production, reduce waste, and improve efficiency across the value chain; and third, to integrate indigenous machinery for enhancing domestic production.

He highlighted that this decade represents a crucial period for India to demonstrate innovation, inclusion, collaboration, and cooperation across industries to realize the vision of Viksit Bharat. He commended the steel industry for branding Indian steel as a "Made in India" product, symbolizing the nation's growing Atmanirbharta and nationalist spirit. He emphasized the need for a level playing field for the domestic industry. He assured that the Government would take up the issue of Border Adjustment Tax with steel industry leaders to promote sustainable manufacturing. Additionally, he stressed the importance of infrastructure and capacity-building investments, assuring stakeholders that these efforts will be advantageous in the long run, with the Government fully committed to protecting the industry's interests.

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