India's Steel Sector Gears Up for Global Leadership Amid Sustainability Focus
India's government calls on domestic steel producers to adhere to global standards to escalate the sector's global standing. With ambitions to increase production capacity to 300 million tonnes by 2030, the industry is simultaneously tackling sustainability challenges, including the European Union's Carbon Border Adjustment Mechanism.
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In an effort to elevate India's standing in the global steel industry, the government has urged domestic producers to align with international standards. Speaking at the ISA Steel Conclave in New Delhi, Vimal Anand, Joint Secretary in the Commerce Ministry, emphasized the need for compliance with global quality and sustainability benchmarks.
India, currently the world's second-largest steel producer, aims to scale up its production capacity from 200 million to 300 million tonnes by 2030. This ambitious plan is part of the nation's broader goal to become a leader in steel manufacturing on the global stage.
However, the industry faces significant hurdles, notably the Carbon Border Adjustment Mechanism (CBAM) imposed by the European Union. This policy requires imported carbon steel products to meet the same carbon pricing as those produced in the EU to prevent 'carbon leakage.' Anand highlighted that navigating these challenges is crucial for advancing India's steel sector sustainably.
(With inputs from agencies.)
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