India's Steel Ambition: A $120 Billion Challenge

India requires an investment of USD 120 billion to achieve its 300 MT steel production target by 2030. Without this, the country risks becoming a net steel importer. Challenges include increased imports, decreased exports, and falling steel prices affecting industry profitability.

India is facing a monumental challenge, requiring USD 120 billion to bolster its steel-making capacity by another 120 million tonnes (MT) to reach a 300 MT target by 2030, according to Steel Secretary Sandeep Poundrik.

Currently, India stands at a steel capacity of 180 MT. If capacity doesn't expand and steel demand persists, the country may become a net importer, Poundrik warned at a Ficci event.

Despite a 13% expansion in steel demand this year, profitability concerns loom. International steel dumping and decreasing prices have led to increased imports and reduced exports in India's steel market.

(With inputs from agencies.)