India Sets Bold Target: 500 Million Tons of Annual Steel Production by 2047

Narendra Modi

Prime Minister Modi Pushes for Zero Imports and Stronger Exports

Indian Prime Minister Narendra Modi has urged domestic steelmakers to achieve zero imports and become net exporters. In his speech at the India Steel 2025 conference, Modi emphasized that the steel industry forms the foundation of India's development vision.

The Prime Minister outlined an ambitious plan: increasing India's steel production capacity to 500 million tons per year by 2047. He also set an export target of 25 million tons annually to strengthen India's global position in the steel sector.

Steel Demand Rises Despite Growing Imports

Recent preliminary government data shows India became a net importer of rolled steel products in the 2024/2025 fiscal year. Imports surged to a nine-year high of 9.5 million tons, marking a 14.8% year-on-year increase. Meanwhile, steel exports fell 35.1% to 4.86 million tons during the same period.

To counteract cheap imports, mainly from China, India imposed a temporary 12% safeguard duty on select steel imports effective from April 21, 2025. The duty will remain in place for 200 days unless revised earlier.

Innovation, Infrastructure Drive Future Steel Growth

Modi highlighted that major government initiatives are driving strong demand for domestically produced steel. All government infrastructure and housing projects must now exclusively use Indian-made steel products.

He also called on both public and private sectors to invest heavily in research, development, and innovation. Modi stressed that the steel industry must become "future-ready" to remain globally competitive as India advances toward becoming a developed nation.