Indian Prime Minister Narendra Modi urged the country’s metallurgists to focus their efforts on achieving zero steel imports and increasing net exports. He made this statement during a virtual speech at the India Steel 2025 conference, as reported by Business Standard. Modi emphasized that the steel sector is the foundation of India’s vision for developing a modern and innovative industry.
This is reported by Business • Media
Aspiring Goals for India’s Steel Industry
The Prime Minister outlined an ambitious plan for the sector, which aims to increase steel production capacity to 500 million tons per year by 2047 and boost exports to 25 million tons. According to preliminary government data, in the 2024/2025 financial year, the country became a net importer of steel products again, with imports reaching a nine-year high of 9.5 million tons (+14.8% compared to the previous year). At the same time, exports of steel products from the country during this period decreased by 35.1%, totaling 4.86 million tons.
Modi highlighted that already implemented government initiatives significantly increase the demand for steel while simultaneously promoting infrastructure and housing development across the country. He stressed that all government projects must use only metal products manufactured in India.
Investment and Protection in Indian Steel
The Prime Minister called on both the public and private sectors to invest in research, development, and innovation, noting that the industry must be “future-ready” to remain competitive on the global stage. Additionally, a temporary protective tariff of 12% has been introduced on certain steel imports to shield against cheap imported products, primarily from Russia and the Chinese market. The relevant official order from the Ministry of Finance of Ukraine will be in effect for 200 days from April 21, 2025, unless canceled or amended earlier.