India's steel sector at a turning point, set to hit 300 MT by 2030
Steel

India's steel sector at a turning point, set to hit 300 MT by 2030

India has become the second-largest steel producer, with a production capacity of 178 million tonnes and an output of 144 million tonnes in FY24. This figure is expected to rise to 300 million tonnes by 2030.

Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma, mentioned that both domestic and global demand for steel will continue to grow in the coming years.

Varma emphasized that the steel sector is at a pivotal moment in its lifecycle, with its future direction being shaped by digitalization and a focus on sustainable steel production to reduce carbon emissions and environmental impact. He made these remarks during an event in the national capital.

He also praised the sector's technological innovations and material efficiency, which have driven global steel production to nearly 2 billion tonnes, with global capacity nearing 2.5 billion tonnes.

Varma recalled that Prime Minister Narendra Modi, during the COP26 summit on November 2, 2021, pledged that India would reduce its carbon intensity by more than 45% by 2030 and achieve Net Zero emissions by 2070.

Globally, the steel sector accounts for about 8% of total emissions, with an emission intensity of 1.89 tonnes of CO2 per tonne of crude steel produced. In India, however, the sector contributes around 12% of the country's total emissions, with an emission intensity of 2.5 tonnes of CO2 per tonne of crude steel, Varma noted.

Subhankar Sen, business head at BPCL, highlighted that MAK Lubricants from Bharat Petroleum are supporting the steel industry's impressive growth, which is projected to reach 300 million tonnes by 2030, while also focusing on sustainable practices and green steel production.

India has become the second-largest steel producer, with a production capacity of 178 million tonnes and an output of 144 million tonnes in FY24. This figure is expected to rise to 300 million tonnes by 2030. Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma, mentioned that both domestic and global demand for steel will continue to grow in the coming years. Varma emphasized that the steel sector is at a pivotal moment in its lifecycle, with its future direction being shaped by digitalization and a focus on sustainable steel production to reduce carbon emissions and environmental impact. He made these remarks during an event in the national capital. He also praised the sector's technological innovations and material efficiency, which have driven global steel production to nearly 2 billion tonnes, with global capacity nearing 2.5 billion tonnes. Varma recalled that Prime Minister Narendra Modi, during the COP26 summit on November 2, 2021, pledged that India would reduce its carbon intensity by more than 45% by 2030 and achieve Net Zero emissions by 2070. Globally, the steel sector accounts for about 8% of total emissions, with an emission intensity of 1.89 tonnes of CO2 per tonne of crude steel produced. In India, however, the sector contributes around 12% of the country's total emissions, with an emission intensity of 2.5 tonnes of CO2 per tonne of crude steel, Varma noted. Subhankar Sen, business head at BPCL, highlighted that MAK Lubricants from Bharat Petroleum are supporting the steel industry's impressive growth, which is projected to reach 300 million tonnes by 2030, while also focusing on sustainable practices and green steel production.

Next Story
Infrastructure Transport

Subway Work Starts on Chennai-Bengaluru Highway

Construction has commenced on a vehicular subway along the Chennai-Bengaluru highway in Ranipet, a move expected to ease traffic congestion and improve safety for commuters. The subway is being built as part of the National Highways Authority of India’s (NHAI) larger initiative to enhance infrastructure along one of the busiest national highways in Tamil Nadu. The project aims to provide a smoother, more efficient route for vehicles, particularly in areas where traffic bottlenecks and pedestrian movement often lead to delays and safety concerns. The subway will allow uninterrupted vehicular ..

Next Story
Real Estate

Centre to Review Real Estate Act

The Central government is set to conduct a review of the Real Estate (Regulation and Development) Act (RERA), which was introduced eight years ago to bring transparency, accountability, and fairness to the real estate sector. The review aims to evaluate the enforcement of orders issued by RERA authorities and assess the overall impact of the act in protecting the interests of homebuyers while ensuring a fair regulatory environment for developers. As part of the review, the Centre has sought detailed reports from state-level RERA authorities on the current status of enforcement, focusing on the..

Next Story
Infrastructure Urban

IndoSpace to Invest Rs.4,500 Crore

IndoSpace, one of India's leading developers of industrial and logistics parks, has announced plans to invest  Rs.4,500 crore in establishing new logistics parks across Tamil Nadu. This significant investment aims to boost the state's industrial growth by enhancing warehousing and supply chain infrastructure. The logistics parks will cater to the growing demand for efficient storage and transportation facilities in various sectors, including e-commerce, automotive, and manufacturing, which rely heavily on seamless logistics operations. The new logistics parks are expected to spread acros..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000