BUSINESS-ECONOMY
The year 2030 is a pivotal one for the Indian steel industry, as outlined by the National Steel Policy 2017. The policy aims to elevate India's steel-making capacity to 300 million tonnes by that year. The report also forecasts an increase in per capita steel consumption to 160 kg by 2030 and around 220 kg by 2047. India's steel industry is poised for significant technological advancements, with investments in digital and process technologies expected to reach up to $2.7 billion by 2030. This projection comes from a recent report by FICCI and Deloitte. The report, titled "Automation, Digitalisation and Technology Integration for the Indian Mining and Steel Sector," highlights the increasing focus on technology to drive efficiency and sustainability in the sector. According to the report, investment in these technologies is set to grow from $1-1.2 billion in 2024 to between $2.3 and $2.7 billion by 2030. This excludes enterprise resource planning (ERP) upgrades. The year 2030 is a pivotal one for the Indian steel industry, as outlined by the National Steel Policy 2017. The policy aims to elevate India's steel-making capacity to 300 million tonnes by that year. The report also forecasts an increase in per capita steel consumption to 160 kg by 2030 and around 220 kg by 2047. According to PTI, Rajib Maitra, Partner at Deloitte India, noted, "The Indian mining and steel sector is undergoing a transformative phase, driven by innovations in AI and digital technologies. Challenges such as integrating new systems with existing infrastructures and managing technological upgrade costs are key considerations for operators." Gajraj Singh Rathore, Co-Chair of the FICCI Steel Committee, emphasized the importance of fostering a culture of innovation and digital adoption. "By embracing technology and forming strategic partnerships, we can build a more resilient and sustainable future for the steel industry," he said. Digital tools are expected to enhance compliance with environmental regulations by improving energy efficiency and emission monitoring. These advancements offer flexibility, scalability, and the potential to drive innovation while improving worker safety. The investment surge aligns with the broader goals of India's National Steel Policy and reflects the sector's commitment to technological advancement and sustainability. None
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