India aims to increase steel production to 500 million tons per year

Prime Minister urges steelmakers to strive for zero imports

Indian Prime Minister Narendra Modi has called on steelmakers to strive for zero steel imports and net exports. He said this in a virtual speech to the participants of the India Steel 2025 conference, Business Standard reports.

Modi called the steel sector the foundation of his vision for a developed India.

The Prime Minister outlined an ambitious roadmap for the sector. According to him, the country should increase its steel production capacity to 500 million tons per year by 2047, and its export potential to 25 million tons.

According to preliminary government data, India became a net importer of rolled products again in the 2024/2025 financial year (ended in March 2025). At the same time, imports reached a nine-year high of 9.5 million tons (+14.8% year-on-year). At the same time, exports of rolled products from the country fell by 35.1% y/y – to 4.86 million tons in the period under review.

Modi emphasized that major government initiatives are already significantly boosting steel demand while also ensuring growth in infrastructure and housing construction across the country. He noted that all government projects are now required to use only steel products made in India.

The Prime Minister of India also called on the public and private sectors to invest in research, development and innovation, noting that the industry must be “future-ready” to remain competitive on the global stage.

As GMK Center reported earlier, India has imposed a temporary 12% safeguard duty on certain steel imports to combat cheap imports, mainly from China. According to the official order of the country’s Ministry of Finance, it will be in effect for 200 days (from April 21, 2025), unless it is canceled, replaced or amended earlier