India's Steel Ambition: 300 Million Tonnes by 2030 Amid Global Slowdown

In a meeting with Sara Modig, State Secretary to Minister for Energy, Business and Industry, Sweden, here, in presence of Swedish Ambassador to India Jan Thesleff and other officials, the minister highlighted India's growing steel sector, driven by visionary leadership of Prime Minister Narendra Modi.

Notably, India's domestic steel demand is growing at an impressive 11-13 per cent, fuelled by large-scale infrastructure projects, while global demand faces a slowdown, according to Steel Ministry.

The discussions were held to explore collaboration opportunities in the field of research and development in Green Steel production and other advanced technologies to reduce carbon emissions.

Varma reaffirmed the invitation extended to Sweden to participate in Bharat Steel 2026, an International Conference-cum-Exhibition dedicated to the steel industry, scheduled to be held on April 16-17, 2026, at Bharat Mandapam, New Delhi.

Meanwhile, the growth rate of India's eight core industries was recorded at 3 per cent in September this year compared to the same month of the previous year, with the steel and cement sectors recording strong growth during the month, data released by the Commerce and Industry Ministry showed.

Steel production surged by a robust 14.1 per cent in September compared to the same month of the previous year on the back of increased demand from big-ticket infrastructure projects being carried out by the government. The cumulative growth of steel during April to Sept of 2025-26 increased by 11 per cent over the corresponding period of the previous year.

The government imposed a 12 per cent temporary safeguard duty on certain steel imports in April 2025 to protect the domestic market. These measures follow previous actions and are part of ongoing efforts to safeguard the industry while promoting self-reliance under initiatives like 'Make in India'.

- IANS