Piyush Goyal Declares Steel as the Vital Backbone of Developed India: Insights on Future Growth

Steel’s Role in India’s Future

On September 10, 2025, Union Minister Piyush Goyal spoke at the 6th ISA Steel Conclave. He emphasized India’s ability to produce high-quality steel and called for less reliance on foreign imports. His vision is for India’s steel industry to be self-sufficient, which would make it stronger and more competitive globally.

Goyal pointed out the importance of analyzing the current import and export patterns in the steel sector. He believes identifying where India can substitute imports will help build a robust industry, essential for Atmanirbhar Bharat, or self-reliant India.

Opportunities and Agreements

The minister discussed ongoing efforts to establish Free Trade Agreements (FTAs) with various countries. He sees FTAs as key to unlocking new global market opportunities for Indian steel. Importantly, he mentioned that conditions in these agreements could help protect local producers by limiting low-cost steel imports from other nations.

Despite the progress, Goyal noted that India still heavily relies on imported capital goods and equipment used in steelmaking. He urges the industry to shift towards producing these items locally. This change would not only create jobs but also accelerate India’s self-reliance.

Aspiring for Growth

Goyal believes that Indian steel producers can aim for exports of 50 million tonnes soon. He shared that discussions are underway to boost steel production capacity. He reassured the industry that the government would provide support to overcome challenges like high raw material costs and access to iron ore.

In his speech, Goyal highlighted the importance of meeting global standards. He pointed out how prefabricated steel can enhance stability and quality in urban projects, especially in cities like Mumbai.

The Bigger Picture

The recent agreement with the EFTA group—comprising Switzerland, Norway, Liechtenstein, and Iceland—will start on October 1. Meanwhile, the UK agreement awaits approval. Goyal also sees shipbuilding as a promising sector, capable of creating up to 12 million jobs in India.

Moreover, he linked the steel industry’s growth to the recent GST reforms, which lower taxes and can boost consumption demand. Increased demand would attract investments, further stimulating steel needs.

In closing, Goyal described the steel industry as “evergreen.” He encouraged producers to adopt Swadeshi principles, ramp up production, and innovate. According to him, reaching an output of 500 million tonnes is critical for making India a developed nation by 2047.

Final Thoughts

As India’s steel sector evolves, it holds not just economic potential but also social promise. With self-reliance at the core, the journey toward a stronger steel industry can lead to broader growth, job creation, and enhanced quality of life for millions.

For more insights on economic policies, you can check resources from the Ministry of Commerce and Industry.

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Steel Industry Is Backbone of India