During the India Steel 2025 conference held on April 24, Prime Minister Narendra Modi urged the domestic steel industry to seek alternatives to imported coking coal. He emphasized the importance of raw material security, asserting that the reliance on coking coal imports not only increases costs but also poses a risk to India’s economy. Modi suggested exploring alternatives such as DRI route steelmaking and coal gasification, which could more effectively utilize the country’s domestic coal resources. India currently depends heavily on coking coal imports due to the inadequate quality of domestic supplies, which are primarily used for blending purposes in small quantities.
Modi pointed out that the industry also faces challenges with reliance on imported nickel and manganese. He stressed the necessity for the domestic industry to cultivate global partnerships and strengthen supply chains while prioritizing technological advancements to expedite solutions. In discussing long-term goals, the Prime Minister envisioned a future where India achieves zero imports and net exports in steel. He indicated that this could be realized by adopting “new processes, new grades and new scales,” aiming for a production capacity of 500 million metric tons by 2047.
Although India is currently targeting 25 million tons in steel exports, Modi did not specify a timeline for this achievement. With India’s per capita steel consumption expected to rise from approximately 98 kg to 160 kg by 2030, he linked this anticipated growth to an increase in infrastructure and economic development. The government has mandated that only “Made in India” steel be used in public projects, ensuring support for the domestic industry. Additionally, Modi outlined various government initiatives, such as the PM Gati Shakti National Master Plan and the National Infrastructure Pipeline, that are poised to bolster the steel sector and broader economic growth.
He also noted the importance of expedited development of greenfield mining to utilize national resources effectively.