All esteemed guests, my Cabinet colleagues, industry leaders, international delegates, and my friends, Namaskar!
Today and over the next two days, we will engage in extensive discussions about the capabilities and potential of Bharat’s sunrise sector—the steel sector. This is a sector that forms the backbone of Bharat’s progress, a strong foundation for a ‘Viksit Bharat’ (Developed India), and one that is scripting a new chapter of transformation in the country. I warmly welcome you all to India Steel 2025. I am confident that this event will serve as a new launch pad to share fresh ideas, forge new partnerships, and promote innovation. It will lay the foundation for a new chapter in the steel sector.
Friends,
Steel has played a role like a skeleton in the modern economies of the world. Be it skyscrapers or shipping, highways or high-speed rail, smart cities or industrial corridors—behind every success story lies the strength of steel. Today, Bharat is striving to fulfil the goal of becoming a 5 trillion dollar economy. The steel sector plays a significant role in achieving this goal. We are proud that Bharat has now become the second-largest steel producer in the world. Under the National Steel Policy, we have set a target of producing 300 million tonnes of steel by 2030. Currently, our per capita steel consumption is approximately 98 kilograms, and it is expected to increase to 160 kilograms by 2030. This growing steel consumption serves as a golden standard for the country's infrastructure and economy. It is also a benchmark for the country's direction and the government's efficiency and effectiveness.
Friends,
Today, our steel industry is filled with renewed confidence about its future—because the country now has a solid foundation in the form of the PM Gati Shakti National Master Plan. Through PM Gati Shakti, various utility services and logistics modes are being integrated. Mapping is underway to enhance multi-modal connectivity between the country’s mining areas and steel units. In the eastern regions of the country, where most of the steel sector is concentrated, new projects are being launched to upgrade critical infrastructure. We are also advancing the 1.3 trillion dollar National Infrastructure Pipeline. Work is being done on a large scale to transform our cities into Smart Cities. The unprecedented pace of development in roads, railways, airports, ports, and pipelines is opening up new opportunities for the steel sector. Under the PM Awas Yojana, millions of houses are being built across the country. Similarly, the Jal Jeevan Mission is creating massive infrastructure in villages across the country. Often, such schemes are only viewed through a welfare lens in our country. But these welfare schemes aimed at empowering the poor are also strengthening the steel industry. We've also decided that only 'Made in India' steel will be used in government projects. As a result of these efforts, a significant share of steel consumption in construction and infrastructure now comes from government-led initiatives.
Friends,
Steel is a primary component in the growth of many sectors. That’s why the government’s policies for the steel industry also play a key role in making several other Indian industries globally competitive. Our manufacturing sector, construction, machinery, and the automotive sector—all of these are drawing strength from the Indian steel industry. In this year’s Budget, our government announced the National Manufacturing Mission to accelerate ‘Make in India’. This mission is designed for small, medium, and large industries alike. The National Manufacturing Mission will also open up new opportunities for our steel industry.
Friends,
For a long time, Bharat was dependent on imports for high-grade steel. It was crucial to change this situation, especially for defence and strategic sectors. We take pride in the fact that the steel used in building Bharat’s first indigenous aircraft carrier was made in Bharat. The strength of Indian steel has also contributed to the historic success of the Chandrayaan mission. Today, we possess both capability and confidence—and this didn’t happen by chance. Under the PLI (Production Linked Incentive) scheme, thousands of crores of rupees are being invested to boost the production of high-grade steel. And this is just the beginning—we have a long way to go. Many mega-projects are starting across the country, and the demand for high-grade steel is only going to increase further. In this year’s Budget, we have included shipbuilding as part of our infrastructure focus. We aim to build modern and large ships in Bharat, with the vision that other countries will buy ships made in Bharat. Similarly, the demand for pipeline-grade steel and corrosion-resistant alloys is also rising within the country.
The country’s rail infrastructure is expanding at an unprecedented pace. For all these needs, our goal must be ‘zero imports’ and ‘net export’! Currently, we are targeting 25 million tonnes of steel exports. We are also working toward expanding our production capacity to 500 million tonnes by 2047. But for this to happen, our steel sector must be ready for new processes, new grades, and a new scale. We must expand and upgrade with a future-oriented mind-set. We have to become future-ready now. The growth potential of the steel industry holds limitless opportunities for employment generation. I call upon both the public and private sectors to develop, nurture, and share new ideas. We must move forward together in manufacturing, R&D, and technology upgrades, and create more and more employment opportunities for the youth of our country.
Friends,
There are also certain challenges in the journey of growth for the steel industry, and addressing them is essential for moving forward. Raw material security remains a major concern. We are still dependent on imports for nickel, coking coal, and manganese. Therefore, we need to strengthen global partnerships, secure supply chains, and focus on technology upgrades. We must move faster toward energy-efficient, low-emission, and digitally advanced technologies. The future of the steel industry will be shaped by AI, automation, recycling, and by-product utilization. That’s why we must intensify our efforts in innovation in these areas. If our global partners and Indian companies work together in this direction, we will be able to overcome these challenges more quickly.
Friends,
You all know that coal imports, especially coking coal, impact both cost and the economy. We must look for alternatives. Today, technologies like the DRI (Direct Reduced Iron) route and other modern methods are available, and we are working to promote them further. We can also utilize coal gasification, which allows us to make better use of the country’s coal resources and reduce dependency on imports. I urge all players in the steel industry to become a part of this effort and take necessary steps in this direction.
Friends,
Another important issue is that of unused greenfield mines. Over the past 10 years, the country has undertaken several mining reforms, which have made iron ore more readily available. Now, it is absolutely crucial to make proper and timely use of these allotted mines and our national resources. Any delay in this will not only harm the nation but will also be a loss for the industry. That’s why I urge that greenfield mining be expedited.
Friends,
Today’s Bharat is not just focused on domestic growth, but is also preparing to assume global leadership. The world today sees us as a trusted supplier of high-quality steel. As I mentioned earlier, we must maintain world-class standards in steel and continually upgrade ourselves. Improving logistics, developing multi-modal transport networks, and ensuring cost efficiency will all help make Bharat a Global Steel Hub.
Friends,
This India Steel platform is an opportunity for us to expand our capabilities and to bring our ideas to life. I extend my best wishes to all of you on this occasion. Let us come together to build a Resilient, Revolutionary, and Steel-Strong Bharat.
Thank you.
