Union Minister Piyush Goyal Sets Ambitious Steel Production Target for India by 2034
Union Commerce and Industry Minister Piyush Goyal, speaking at the 5th ISA Steel Conclave in New Delhi, set a target of 500 million tonnes of steel production by 2034. He encouraged industry leaders to focus on economies of scale through decarbonisation, emphasising the growing demand for green steel.
Key Recommendations
According to the Ministry of Commerce and Industry, Goyal offered three key recommendations for the domestic steel industry:
- Innovation in achieving low emissions, high productivity, and superior quality to position India as a leading global steel manufacturer.
- Use of artificial intelligence (AI) to optimise production, minimise waste, and enhance efficiency throughout the value chain.
- Integration of indigenous machinery to boost domestic production.
Highlighting the current decade as India’s time to demonstrate innovation, inclusion, and collaboration across industries to achieve the vision of a developed India (Viksit Bharat), Goyal commended the steel industry for branding Indian steel as a ‘Made in India’ product, reflecting growing self-reliance (Atmanirbharta) and national pride.
Government Support
He also stressed the need for a level playing field for domestic industries and mentioned that the Government would address the Carbon Border Adjustment Mechanism (CBAM) with steel industry leaders to promote sustainable manufacturing. Goyal emphasised the Government’s commitment to infrastructure investment and encouraged the industry to explore ways to reduce carbon emissions while maintaining high quality and productivity. He reassured stakeholders that the Government is fully dedicated to protecting the interests of the steel industry, ensuring that capacity-building investments will yield long-term benefits.
Doubts Revealed
Union Minister -: A Union Minister is a person who is in charge of a specific department in the Indian government. They help make important decisions for the country.
Piyush Goyal -: Piyush Goyal is an important leader in the Indian government. He works on making rules and plans for trade and industry in India.
Steel Production -: Steel production is the process of making steel, which is a strong metal used to build things like buildings, cars, and bridges.
2034 -: 2034 is a year in the future. It is 11 years from now.
ISA Steel Conclave -: The ISA Steel Conclave is a big meeting where people who work in the steel industry come together to talk about new ideas and plans.
New Delhi -: New Delhi is the capital city of India. It is where many important government buildings and offices are located.
500 million tonnes -: 500 million tonnes is a very large amount. It is a way to measure how much steel India wants to make by 2034.
Decarbonisation -: Decarbonisation means reducing the amount of carbon dioxide (a harmful gas) that is released into the air when making things like steel.
Innovation -: Innovation means coming up with new and better ways to do things. It helps make products and processes more efficient and effective.
AI -: AI stands for Artificial Intelligence. It is a type of technology that allows machines to think and learn like humans.
Indigenous machinery -: Indigenous machinery means machines that are made in India. Using these helps support local businesses and the economy.
Productivity -: Productivity means how much work is done in a certain amount of time. Higher productivity means more work is done quickly and efficiently.
Quality -: Quality means how good something is. High-quality steel is strong and lasts a long time.
Branding -: Branding is the process of giving a product a special name and image so people recognize and trust it. ‘Made in India’ branding means the steel is made in India and is of good quality.
Sustainable manufacturing -: Sustainable manufacturing means making products in a way that does not harm the environment and uses resources wisely.
Infrastructure investment -: Infrastructure investment means spending money to build and improve things like roads, bridges, and buildings. This helps the country grow and develop.
