Reducing Import Dependence and Boosting Self-Reliance
Shri Goyal emphasized the need for import substitution and cautioned against predatory pricing from foreign sources. He stated that the government is actively negotiating FTAs to open new avenues for Indian steel while including “melt and pour” conditions to protect domestic producers. He urged steel manufacturers to explore domestic production of capital goods, which would strengthen self-sufficiency and create new business opportunities.
Innovations and Global Competitiveness
The Commerce Minister highlighted the role of innovation and prefabricated steel structures in urban construction. Prefabrication, especially in cities like Mumbai, can lower project costs, reduce interest burdens, and accelerate completion timelines for high-rise buildings and slum rehabilitation projects. Shri Goyal stressed that adoption should be market-driven, citing faster cash flows and efficiency as key advantages for the industry.
Shri Goyal identified shipbuilding as a transformative sector for steel, noting India’s advanced private shipyards, welding capabilities, and domestic steel production capacity. He projected the potential to generate 10–12 million jobs through shipbuilding while increasing capacity utilization and creating growth avenues for the steel industry. The Minister is collaborating with the Ministry of Shipping to encourage ships to be anchored and flagged in India.
Government Support and GST Reforms
The Minister assured the steel industry of government support in areas like raw material costs and access to iron ore. He linked the recent GST reductions to higher consumption demand, which would attract investments, benefiting steel, logistics, and automobile sectors. Shri Goyal emphasized that the steel industry’s growth will be central to India achieving the ambitious target of 500 million tonnes and contributing to the nation’s goal of becoming a developed country by 2047.
Path Forward for India’s Steel Industry
Shri Goyal reiterated that steel is integral to infrastructure, defence, transportation, space, and medical device sectors. He encouraged the industry to be bold, audacious, and ambitious in setting expansion targets while embracing Swadeshi principles. He highlighted ongoing FTA negotiations, including the UK agreement and accelerated EU talks, aimed at enhancing market access for Indian steel while safeguarding national interests.