July 14, 2024

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Image credit: Hindustan Times

PM Modi wants to double global steel production in ten years

According to Prime Minister Narendra Modi on Friday, the government has set a goal of increasing its crude steel production from 154 million tonnes to 300 million tonnes in the next nine to ten years.

He was speaking via videoconference at the Gujarat-based ArcelorMittal Nippon Steel (AM/NS) India’s Hazira steel manufacturing facility’s foundation-stone-laying ceremony.

The Prime Minister praised the factory expansion, saying it had not only prepared the way for additional investments but also made it possible for many new jobs to be created in Gujarat and across the nation.

According to him, the steel industry makes a significant contribution to the building, automotive, and capital goods industries, as well as ports, airports, and other infrastructure-related industries.

He stated that the Production Linked Incentive (PLI) scheme has opened up new growth opportunities while outlining the steps being taken to further boost the Indian steel industry. The Prime Minister used the INS Vikrant as an example to demonstrate how the nation has developed expertise in high-grade steel and is increasingly using it in crucial strategic applications. He noted that the unique steel utilised in the aircraft carrier was created by scientists at DRDO.

“As a further step in advancing these capacities, the nation has now established a goal of tripling its capacity for producing crude steel. At the moment, 154 MT of crude steel is produced. The executive remarked that in the next 9 to 10 years, we want to reach a 300 MT production capacity. He described how the steel industry was attempting to address the issue of carbon emissions while pointing out the different obstacles in the way of achieving this aim.

He claimed that India is simultaneously pushing the adoption of environmentally benign technologies while also increasing its capacity to produce crude steel. He praised AM/NS India for emphasising the use of green technology and added, “Today, India is focusing on developing such production technologies which not only cut carbon emissions but also absorb and reuse carbon.”