India’s Steel Industry Poised for Global Leadership, Says Piyush Goyal at ISA Conclave

Union Minister of Commerce and Industry, Shri Piyush Goyal, delivered a powerful address at the 6th edition of the ISA Steel Conclave, reaffirming the central role of the steel industry in shaping India’s future as a developed nation by 2047. The Minister called upon the sector to embrace self-reliance, innovation, and global competitiveness, while also seizing emerging opportunities in allied industries such as shipbuilding and prefabricated construction.

Self-Reliance and Import Substitution

Shri Goyal urged the industry to critically examine its import and export profile, identifying areas where import substitution can be achieved. He stressed that reducing reliance on foreign sources, especially in capital goods and equipment, will strengthen the long-term resilience of the Indian steel industry. By creating robust domestic supply chains, the sector can fortify Atmanirbhar Bharat and safeguard against vulnerabilities such as predatory pricing from certain countries.

The Minister also highlighted the urgent need for indigenous manufacturing of capital goods, noting that India continues to import significant quantities of equipment despite its capacity to build them at home. A stronger domestic ecosystem, he argued, would not only expand business opportunities but also create jobs and industrial self-sufficiency.

Free Trade Agreements and Market Access

The Minister announced progress on multiple Free Trade Agreements (FTAs) aimed at opening new avenues for Indian steel exports:

• EFTA Agreement (Switzerland, Norway, Liechtenstein, Iceland) takes effect from 1st October 2025.

• FTA with the United Kingdom is undergoing parliamentary approval.

• Negotiations with the European Union are being fast-tracked after years of delay.

Shri Goyal pointed out that the government has successfully insisted on the “melt and pour” rule, preventing low-cost steel from being rerouted through third countries. This condition will safeguard Indian producers while ensuring fair competition in global markets.

Innovation in Prefabricated Steel Structures

Shri Goyal underscored the transformational role of prefabricated steel structures in urban construction, especially in slum rehabilitation and high-rise projects in cities like Mumbai. Prefabrication, he explained, can:

• Lower construction costs and interest burdens.

• Accelerate project timelines.

• Deliver durable, high-quality housing.

He clarified that the adoption of prefabricated methods should stem from business merit rather than mandates, as faster cash flows and improved efficiency already make them an attractive option.

Shipbuilding – A Game-Changer for Steel

The Minister identified shipbuilding as a sector of immense opportunity for the steel industry, capable of generating 10–12 million jobs. With 5–6 world-class private shipyards, advanced welding expertise, and the ability to produce marine-grade steel and engines, India is well-positioned to scale up its shipbuilding ecosystem.

Working with the Ministry of Shipping, Shri Goyal is exploring policy changes to encourage more ships to be anchored and flagged in India, boosting domestic shipbuilding and creating a multiplier effect for steel consumption.

Roadmap for Growth and Sustainability

Reiterating steel’s role as the “backbone of India’s growth story”, Shri Goyal said the government has laid out a roadmap to expand steel capacity and increase exports to 50 million tonnes in the near term. He urged the industry to be “bold, audacious, and ambitious” in setting targets while assuring that the government would remain a 24x7 partner in addressing challenges such as raw material costs and access to iron ore.

The Minister linked these growth prospects with recent GST reforms, which reduce rates and increase disposable incomes. Rising demand, he explained, will attract fresh investments, triggering a virtuous cycle of higher consumption, greater industrial expansion, and increased steel usage across infrastructure, transport, automobiles, and housing.

Steel as a Pillar of Developed India 2047

In his concluding remarks, Shri Goyal reaffirmed that steel and cement are “evergreen sectors”, indispensable for India’s journey to becoming a developed nation. With a target of 500 million tonnes of steel production, India is set to position itself as a global steel powerhouse.

By embracing self-reliance, Swadeshi principles, innovation, and sustainability, the Indian steel industry will not only meet domestic needs but also establish its leadership in international markets. The Minister expressed confidence that the sector would exceed its goals with honour and resilience, contributing decisively to India’s economic rise.