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.