India Sets Ambitious Steel Export Target Amid Global Challenges
The Indian government aims to boost steel exports from 4 million to 50 million tonnes in a couple of years, Commerce Minister Piyush Goyal announced at the ISA Steel Conclave. Despite a downturn in FY25, with a 30-33% export decline, India plans to enhance production and tackle international obstacles.
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In a bold move to revitalize exports, the Indian government aims to escalate steel exports from 4 million to a staggering 50 million tonnes within a couple of years, according to Commerce Minister Piyush Goyal's announcement at the ISA Steel Conclave.
India's steel exports plummeted by 30-33% in fiscal year 2025, hitting a trade deficit high of 4.5 million tonnes due to soft global demand and cheaper imports from China, making India a net importer. The U.S. tariff of 50% remains largely irrelevant to India's steel industry as it accounts for only 3% of exports.
Despite current challenges, the steel industry's growth is deemed crucial, with per capita steel consumption in India at 100 kg—half the global average. The government plans to elevate steel production capacity to 500 million tonnes by 2047, with industry leaders like Naveen Jindal applauding these measures.
(With inputs from agencies.)
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