Union Minister of Commerce and Industry, Shri Piyush Goyal, has called on India’s steel sector to focus on self-reliance and reduce dependence on imports. Speaking at the 6th edition of the ISA Steel Conclave, the Minister urged the industry to adopt the spirit of Swadeshi and align itself with the vision of Atmanirbhar Bharat.
He highlighted the importance of identifying areas where import substitution is feasible. He also cautioned against the threat of predatory pricing from certain foreign producers.
Shipbuilding, FTAs and domestic capital goods hold growth promise
Mr. Goyal pointed to the untapped potential in shipbuilding, where India already has quality infrastructure and capabilities. He said that shipbuilding could generate up to 12 million jobs and serve as a major demand driver for the steel industry. The government is currently exploring policy options to support this initiative in partnership with the Ministry of Shipping.
The Minister further noted that several Free Trade Agreements (FTAs) are under active negotiation. Agreements such as the one with the EFTA group will become operational from October 1. Talks with the UK and the EU are being fast-tracked, offering the Indian steel sector a new wave of global access under protective clauses like the “melt and pour” condition.
Shri Goyal also addressed the need for domestic manufacturing of capital goods, urging the steel industry to explore production in areas where India remains import dependent. This would expand industrial capacity and reduce reliance on foreign supply chains.
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Prefabrication, GST reforms and the 2047 vision
The Minister stressed that steel is the backbone of India’s infrastructure and economic development. He said prefabricated steel structures offer a practical solution for housing projects, especially in urban centres like Mumbai. He urged industry players to adopt prefabrication on the merit of its business value, noting that it reduces cost and improves project timelines.
He linked the steel industry’s future with the recent GST reforms. According to Mr. Goyal, reduced GST rates will increase consumer spending, which in turn will boost demand for steel and related sectors. This, he said, will create a positive cycle of investment and economic activity.
In closing, Shri Goyal reaffirmed that the government is committed to supporting the steel industry 24×7 in areas such as raw material availability and global market access. He said the sector must aim high—with a target of producing 500 million tonnes of steel—and take bold steps to help India reach developed nation status by 2047.