India Steel Summit - Enhancing Competitiveness & Overcoming Challenges

India steel industry is one of the core industries, contributing to slightly more than 2 % of GDP. New National steel policy has planned to accomplish 300 MTPA by 2030 and become independent in manufacturing a few special steel grades. Government has announced a variety of initiatives over the years to promote the development of the domestic steel industry. Some drivers include securing raw materials and helping efficient production stream by using digitization in mining, promoting a shift to an energy-efficient and environmentally friendly steel industry, expanding the capabilities of domestic steel plants, enabling supply through phrased best-in-class greenfield and brownfield capacity addition, and setting up value adding coast-based steel clusters for logistical transformation.

However, in the last few months, especially following the global economic crisis caused by the pandemic, the price of steel in India has been dynamic. Multiple factors, including rise of raw material prices (especially iron ore and coking coal) and rise in infrastructural and engineering projects, has impacted daily steel price. 

To achieve sustainable growth and success in the Indian steel landscape, several critical success factors, and enablers are essential, along with a strong focus on improving competitiveness in the sector. The journey will require long-lasting commitment from relevant stakeholders to work in tandem on various comprehensive initiatives, while sustaining their efforts over business cycles and overcoming challenges relating to sustainable growth of this pivotal sector of the economy.

In order to discuss the above and related issues, ASSOCHAM is organizing ‘India Steel Summit’ ‘Enhancing Competitiveness & Overcoming Challenges’ on 25th May 2023 at Taj Mahal Hotel, Mansingh Road, New Delhi.