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The Indian Chamber of Commerce (ICC) hosted a session titled Viksit Bharat: India @ 2047 through the Prism of Steel Sector here today. The Secretary, Ministry of Steel, Shri Sandeep Poundrik graced the occasion as the chief guest. The forum brought together prominent policymakers, industry leaders, and technology experts such as Chairman, SAIL, Shri Amarendu Prakash; President, Indian Chamber of Commerce, & Managing Director, Jindal Stainless Limited, Mr Abhyuday Jindal; Chair, Chief Corporate Affairs, TATA Steel Limited, Mr Manish Mishra; Chief Marketing Officer, JSW Steel, Mr Vinay Shroff; Secretary General, Indian Steel Association, Shri Alok Sahay, and several other key stakeholders from the industry.

Speaking on the vision of Viksit Bharat, Secretary, Ministry of Steel, Shri Sandeep Poundrik, said, “The steel industry plays a critical role in India's economy, with its demand projected to reach 300 million tonnes by 2030 and 700-800 million tonnes by 2047. However, expanding supply capacity remains a key challenge. To meet the 2030 target, an investment of ₹10 lakh crores is required, with further investments necessary for future growth. To strengthen the industry, we are focusing on three priorities: first, capacity expansion, adding 100 million tonnes in the next six years to meet growing demand and reduce import dependency; second, a green transition, shifting to low-carbon technologies like hydrogen-based production to align with global sustainability goals; and third, competitiveness, ensuring cost-effective domestic steel prices to protect industry margins and enable reinvestment.” The Secretary further stressed upon the importance of having widespread awareness on the all-encompassing presence of steel, of having quality standards for all grades of steel, the need for domestic industry to jump onto the AI bandwagon, and importance of slurry pipelines for logistics and overseas acquisitions for raw materials.  

While delivering the opening remarks, President of ICC and Managing Director of Jindal Stainless, Mr Abhyuday Jindal, said, "The Indian steel industry, deeply interlinked with MSMEs, is a cornerstone of national growth. To remain competitive, we must uplift MSMEs, invest in upskilling, and strengthen industry-academia partnerships. Simultaneously, shifting global trade dynamics, particularly the import of low-priced steel from China and Vietnam, must be countered to ensure a level playing field for our domestic industry. As we address these challenges, sustainability and innovation must remain at the forefront. Stainless steel, with its corrosion resistance and low lifecycle cost, is pivotal to India’s infrastructure expansion and ecological goals."

Talking about the shift from global to local in world trade practices, Chairman, SAIL, Shri Amarendu Prakash, said while answering a panel question, "The term globalisation came into vogue 25 years ago, underpinned on the philosophy of each country’s competitive advantage, where countries played to their individual strengths. About 10 years ago, countries started going local, a phenomenon that was accentuated by COVID-19, and necessitated by the need to create employment. While it may seem economically viable to import cheaper steel, we must recognize the long-term impact on domestic jobs and the downstream economy. For India, a country with a growing consumption demand and employment demand, building a robust steel industry is essential to meet both needs, and also build a well integrated downstream industry.”

The event saw a thought-provoking presentation on ‘Steel Sector @ 2047 for Viksit Bharat’ by Shri Niladri Nath Bhattacharjee, Partner, Grant Thornton Bharat LLP. The presentation highlighted future demand projections, technological advancements, sustainability imperatives, and the 6x labour multiplier potential of the Indian steel industry.

The panel discussion session explored topics such as increasing domestic steel consumption, the rise of green steel, technological innovations in construction, raw material security, logistics challenges, and sustainability initiatives. It concluded with a commitment from industry stakeholders to collaborate towards making India a Viksit Bharat.