India's Steel Ambitions: Aiming Beyond 500 Million Tonnes

Union Minister Piyush Goyal challenged the steel industry to exceed the target of 500 million tonnes and strive to become the world's largest manufacturer by 2047. He emphasized the important role of steel in India's economy and promoted R&D and collaboration to innovate and expand steel's applications.

Union Minister Piyush Goyal has called on the steel sector to set more ambitious production targets than the current 500 million tonnes goal, urging the industry to aim for global leadership by 2047. Speaking at the Steel India 2025 event, he highlighted steel's critical role in economic development.

The minister underscored the significance of adopting advanced technologies like prefabricated buildings, advising industry players to focus on research to cut costs. Goyal also proposed stronger ties between steel companies and government bodies to boost domestic usage and international competitiveness.

Further, Goyal emphasized India's rapid economic growth as an opportunity for the steel industry, implicated in transformative 'Make in India' initiatives and Free Trade Agreements. He expressed his vision for the steel sector to be central to achieving a $30 to $35 trillion economy by 2047.

(With inputs from agencies.)