Steel Industry Gathering in 2024: Forging an Independent and Globally Competitive Steel Industry
The Steel Summit 2024, held on the 27th of September at The Ashok Hotel in New Delhi, marked a significant milestone in India's industrial growth. Shri Bhupathiraju Srinivasa Varma, Minister of State for Steel & Heavy Industries, graced the event as the Chief Guest.
The theme of the summit, "Developing an Atmanirbhar and Globally Competitive Steel Sector," set the stage for insightful discussions on securing raw material supply, increasing domestic demand, and navigating global trade dynamics. The summit aimed to shape policy, foster innovation, and drive growth within one of the most crucial sectors of the economy.
The Indian steel industry plays a pivotal role in the country's industrial prosperity and infrastructure. With India's vision for the next 25 years, "Viksit Bharat," focusing on sectors like manufacturing, steel is identified as a key input. The Indian steel industry was explored for its transformative potential at the Steel Summit 2024.
Shri Sandeep Poundrik, Secretary, Ministry of Steel, delivered the keynote address during the Inaugural Session. He highlighted the increasing elasticity between GDP and steel consumption in India, suggesting that steel demand is likely to outpace capacity expansion.
The first round of the PLI Scheme for specialty steel had underwhelming results, according to Shri Sandeep Poundrik. In response, he announced plans for another round of the Production Linked Incentive (PLI) Scheme for specialty steel.
The India Green Steel Coalition, a joint initiative by CII and WWF-India, was launched at the Steel Summit 2024. This coalition aims to promote green steel production and consumption in India, paving the way for a more environmentally sustainable future for the steel industry. The India Green Steel Coalition and the report on green steel production pathways were discussed extensively throughout the summit.
The Steel Summit 2024 provided knowledge-filled panel discussions, extensive deliberations, and valuable networking opportunities for manufacturers. Nearly two hundred national-level stakeholders, including industry leaders, policymakers, manufacturers, and government officials, attended the event.
The Steel Summit 2024 served as a pivotal platform to address critical challenges faced by the steel industry and explore effective mitigation strategies. It generated significant momentum in building a self-reliant and globally competitive steel sector in India. The summit concluded with a renewed commitment to India's steel industry, with a focus on sustainable growth and innovation.
In 2024, the Indian steel industry experienced a growth of 8.2%, underlining its crucial role in the country's economic development. The Steel Summit 2024 was a testament to the industry's potential and the collective efforts to make it a cornerstone of India's industrial growth.
