PM Modi Urges Steel Industry To Eliminate Imports, Boost Exports

New Delhi, Apr 24 (KNN) Prime Minister Narendra Modi on Thursday called on India's steel industry to achieve zero imports and transform into a net exporter, describing the sector as the backbone of the country's vision for a developed India, or Viksit Bharat.

In a virtual address to the India Steel 2025 conference, the Prime Minister set forth an ambitious plan for the industry, emphasising that India must develop steel production capacity of 500 million tonnes by 2047 to align with national development goals.

"The steel industry is behind every success story in India," PM Modi stated, adding that the sector plays a crucial role in India's journey toward becoming a USD 5 trillion economy.

The Prime Minister highlighted that major government initiatives, including PM Gati Shakti and PM Awas Yojana, are already substantially increasing demand for steel while ensuring infrastructure and housing growth nationwide.

He pointed out that all government projects now must use only made-in-India steel.

Modi also emphasised the importance of both public and private sectors investing in research, development, and innovation, noting that the industry must be ‘future-ready’ to maintain global competitiveness.

"India's steel sector is on the cusp of a new chapter," he remarked, encouraging stakeholders to foster ideas that could transform manufacturing and strengthen India's position in the global steel market.

Steel industry stakeholders have expressed concerns regarding rising imports, particularly from China, which they claim are undermining domestic competitiveness.

These concerns have intensified following the United States' decision to impose a 145 percent tariff on Chinese steel imports. Amid growing trade tensions between China and the US, India fears it may become a destination for surplus Chinese steel.

(KNN Bureau)