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India's steel production will cross 300 million tonnes by 2030, Steel Secretary expressed possibility
India Steel Production: Steel Secretary Nagendra Nath Sinha has said that the current demand for steel remains strong due to the infrastructure push by the government. Addressing the members of the India Chamber of Commerce (BCC), Sinha said, 'GDP is also growing strongly and with the continued emphasis on infrastructure from both the government and private sectors, the demand for steel will remain strong.
A senior central government official on Saturday claimed that domestic production of steel is likely to cross 300 million tonnes by 2030. Steel Secretary Nagendra Nath Sinha said that the ministry does not see any obstacle in capacity expansion due to efforts to reduce carbon emissions in the steel sector and will soon release a draft roadmap seeking public opinion to reduce carbon emissions in the steel sector.
He said, 'The current demand for steel remains strong with the government's push to infrastructure and an expected growth of around 10 percent.' Addressing the members of the Bharat Chamber of Commerce (BCC), Sinha said, 'GDP is also growing strongly and with continued emphasis on infrastructure from both the government and private sectors, the demand for steel will remain strong.'
"Provisional finished steel production for 2023-24 was 138.5 mt, up 12.4 percent y-o-y. A CAGR of 12 percent would be needed to reach the installed capacity of 300 mt », he said. Khaitan said steel production in the first four months of 2024 was 49.5 million tonnes, showing an increase of 8.5 percent. Singla also pointed out, "A few steelmakers are not reporting their production and sales figures correctly and the ministry feels some gap between their figures and reality. He has urged the companies to report correctly in turn to serve the policy-making correctly.
