India's Steel Sector Eyes $2.7 Billion in Digital Investments by 2030

The Indian mining and steel industry is projected to see USD 2.7 billion investment in digital technologies by 2030, driven by advancements in AI and a push towards sustainability. The integration of these technologies will enhance efficiency, regulatory compliance, and innovation, as per the FICCI-Deloitte report.

According to a recent report, investments in digital technologies and processes across India's steel value chain are anticipated to reach USD 2.7 billion by 2030.

These advancements are expected to significantly enhance the industry's efficiency and sustainability efforts, stated the FICCI-Deloitte Report released on Thursday.

Projected investments in digital technologies, excluding ERP upgrades, will rise from USD 1-1.2 billion in 2024 to USD 2.3-2.7 billion by 2030. India's National Steel Policy 2017 aims to elevate the country's steel-making capacity to 300 million tonnes by 2030, making the year particularly critical for the industry's future.

The report also forecasts a per capita steel consumption increase to 160 kg by 2030 and 220 kg by 2047. Digital technologies will play a crucial role in improving energy efficiency, emission monitoring, and overall compliance with environmental regulations. Additionally, these technologies offer the necessary flexibility and scalability to adapt to market changes while driving innovation and enhancing worker safety.

Rajib Maitra, Partner at Deloitte India, highlighted the transformative path of the Indian mining and steel sector, driven by AI innovations, despite facing challenges such as integrating new systems with existing infrastructures and managing technological upgrade costs. Gajraj Singh Rathore, Co-Chair of FICCI Steel Committee, emphasized the importance of fostering a culture of innovation and digital adoption to create a resilient and sustainable future.