Key Points

"We have set goal of exporting 50 million tonnes steel not by 2030 but in couple of years. It's a big heavy audacious goal," he said while addressing the ISA Steel Conclave on Tuesday.

India's steel exports experienced a significant downturn in fiscal year 2025 (FY25), with a roughly 30-33 per cent year-on-year decrease, resulting in a 10-year high trade deficit of 4.5 million tonnes. A total of about 5 million tonnes were exported in FY25, as Indian steel faced challenges from weak global demand and cheaper imports from China.

India, the world's second-largest steel-producing country, was a net importer of steel, mainly due to unbridled and cheap imports from China and Japan. The prohibitive tariff of 50 per cent the US has imposed on Indian and other countries except UK, may not have much impact on the country's steel exports since the US accounts for only 3 per cent.

Steel goes in every walk of life and its demand is expected to grow in coming years, the minister said, adding that "the steel industry has a big role to play in India's growth".

Currently, per capita consumption of steel in India is at 100 kg nearly half of the world level.

The government is also aiming to increase the production capacity of steel in the country to 500 million tonnes by 2047 against 200 million tonnes currently, Goyal said.

Naveen Jindal, President India Steel Association, and Chairman Jindal Steel lauded government initiatives and said the Industry is grateful for government's support.

As of now, the industry is reeling under the 50 per cent tariffs slapped by the US government. This will not lower the spirits of the industry but to achieve the target of producing 500 million tonnes, the industry has to focus on availability of the raw ingredients specially iron ore, coking coal and limestone, Jindal added.

- ANI