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India's steel capacity has crossed 161 million tonnes and the industry is poised for continued growth, Steel Secretary Nagendra Nath Sinha said on Tuesday.
As per the National Steel Policy, India has an ambitious target of installing 300 MT steel capacity by 2030.
"We have already crossed 161 million mt of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF) and 58 MT by induction furnace (IF) route," Sinha said addressing the '4th Indian Steel Association (ISA) Steel Conclave' event in the national capital.
He further stressed that the steel sector in India is poised for continued growth.
Sinha said, India is the world's fourth-largest automobile market, and it is expected to grow at a CAGR of 8-10 per cent over the next 10 years. Moreover, the manufacturing sector saw a Compound annual growth rate (CAGR) of 7-8 per cent and this is driving demand for steel in both the sectors.
The production-linked incentive scheme has been progressing well in the steel sector. Industry has invested about Rs 10,000 crore investment out of the committed Rs 29,500 crore.
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The official further said that the sector also faces significant challenges related to carbon emissions and global market demands.
Embracing low carbon technologies, collaborating with stakeholders, and adopting green practices are essential for the industry's long-term sustainability and alignment with national and international environmental goals, he said.
On the EU's Carbon Border Adjustment Mechanism (CBAM), he said it has thrown a significant challenge to the steel industry.
"Steelmaking, in general, has scope for a lot of improvement in terms of reduction in carbon emissions. I am confident that the industry champions are working towards realigning their strategies and we will soon be exporting low carbon steel as desired by the global markets," Sinha added.
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