India's steel industry could emerge as the biggest winner of the country's economic ascent, according to Commerce and Industry Minister Piyush Goyal, who on Friday called for a dramatic expansion of domestic production capacity. Speaking at the 6th edition of Steel India 2025 event, hosted jointly by the Ministry of Steel and the Federation of Indian Chambers of Commerce and Industry (FICCI), Goyal urged steelmakers to set their sights on building a billion tonnes of capacity — double the government's current 2047 target. 'Clearly, 500 million tonnes (of steel production) is a sub-optimal target,' Goyal said. 'We should, I think, aspire at least to go up to the level of our nearest competitor, and why can't we aspire to be the world's largest manufacturer of steel by 2047?' India is already the second-largest steel producer globally, trailing only China, with an installed capacity of 180 million tonnes (MT). The National Steel Policy, unveiled in 2017, had set an ambitious goal of reaching 300 million tonnes by 2030. A longer-term target of 500 million tonnes has been floated for 2047 but Goyal made it clear that the government believes the sector can deliver far more. His comments come at a time when the country's major steel producers are already ramping up capacities, betting big on infrastructure growth and industrial demand. However, industry players remain concerned about a surge in steel imports that is undercutting domestic prices and denting export prospects. India is expected to import around 9.5 million tonnes of steel in the current financial year, the highest volume in nearly a decade. A significant portion of these imports originates from China, often entering India via countries that enjoy Free Trade Agreements with it, complicating the picture for policymakers and producers alike. The rising imports are eroding margins for local producers, even as they invest heavily in capacity and modernization. Industry leaders have repeatedly called for stricter monitoring and regulatory checks to stem the inflow of cheap foreign steel that distorts the market.

500 MT is Sub-Optimal Target: Piyush Goyal

Commerce and Industry Minister Piyush Goyal called for a significant increase in India's steel production capacity at the 6th edition of Steel India 2025. Goyal urged steelmakers to aim for a billion tonnes of capacity by 2047, doubling the government's current 2047 target of 500 million tonnes. India is already the world's second-largest steel producer with 180 million tonnes of installed capacity. The National Steel Policy aims to reach 300 million tonnes by 2030, and Goyal emphasized the potential for the sector to achieve even higher targets.