CII Steel Summit 2024: Developing an Atmanirbhar and Globally Competitive Steel Sector

 Steel Summit 2024: A Platform for Growth

The Confederation of Indian Industry (CII) organised the Steel Summit 2024, themed “Developing an Atmanirbhar and Globally Competitive Steel Sector,” on 27th September 2024 at The Ashok Hotel, New Delhi. The summit explored the transformative potential of the Indian steel industry, focusing on strategies to secure raw material supply, increase domestic demand, and navigate global trade dynamics while advancing towards a sustainable, low-carbon future.

The event brought together government officials, industry leaders, investors, researchers, and policymakers, providing a platform for meaningful discussions to steer the domestic steel landscape towards achieving a more self-reliant and competitive future.               

Viksit Bharat: India’s Journey for the Next 25 Years

India’s journey towards “Viksit Bharat” envisions transforming the country into a developed economy by 2047, focusing on key sectors such as manufacturing. Steel, being one of the primary and crucial inputs in industrialisation, has long signified strong economic growth, playing a strategic role in the overall economic prosperity. As the backbone of the nation’s infrastructure and industry, the Indian steel industry holds a spotlight on the global stage, flourishing at a healthy growth of 8.2% in 2024, supported by infrastructure investments, government spending, and demand from end-use industries.

Steel is a crucial input in several downstream ecosystems, such as construction, mobility, automotive, and mechanical engineering. Its significance places the sector at the forefront of the journey towards achieving “Viksit Bharat.”

Chief Guest and Keynote Address

The Chief Guest for the summit was Shri Bhupathiraju Srinivasa Varma, Minister of State for Steel & Heavy Industries, while Shri Sandeep Poundrik, Secretary, Ministry of Steel, delivered the keynote address during the Inaugural Session.

Shri Bhupathiraju Srinivasa Varma emphasized the importance of strengthening domestic production capabilities as both an economic necessity and a strategic imperative. He highlighted the need to reduce import dependency and mitigate global supply chain vulnerabilities. As part of the summit, the minister also launched the “India Green Steel Coalition (IGSC)”, a joint initiative by CII and WWF-India dedicated to promoting green steel manufacturing and consumption in India. Additionally, a report on “Green Steel Production Pathways” was unveiled, highlighting innovative approaches to support sustainable production.

Government’s Commitment to Growth and Specialty Steel

In his keynote address, Shri Sandeep Poundrik shared that the government is planning another round of Production Linked Incentive (PLI) Scheme for specialty steel, following the underwhelming results of the first round. He also highlighted the positive growth rate of steel demand in India, noting an increasing elasticity between GDP and steel consumption. This trend suggests that steel demand is likely to outpace capacity expansion, underscoring the need for urgent investment in the sector.

The Secretary also urged steelmakers to focus on the beneficiation of iron ore to ensure the availability of both high- and low-quality iron ore for future generations.

Launch of the India Green Steel Coalition

The summit witnessed the launch of the India Green Steel Coalition, a joint initiative by CII and WWF-India. This coalition aims to promote green steel production and consumption in India, aligning with the nation’s broader sustainability goals and carbon reduction targets. The coalition and the report on green steel production pathways aim to pave the way for a more environmentally sustainable future for the steel industry.

Deliberations and Networking Opportunities

With knowledge-filled panel discussions, extensive deliberations, and valuable networking opportunities, the Steel Summit 2024 offered an ideal platform for manufacturers to unlock new avenues of growth and prosperity while bringing a more focused approach to business within the steel industry. The event served as a pivotal platform to address critical challenges faced by the sector and to explore effective mitigation strategies.

A Diverse Gathering for the Future of Steel

The summit witnessed participation from nearly two hundred national-level stakeholders, including industry leaders, policymakers, manufacturers, and government officials. This diverse gathering fostered meaningful discussions, insights, and a collaborative approach towards the future of the steel industry in India.

By bringing together such a diverse group of stakeholders, the Steel Summit 2024 succeeded in generating significant momentum in building an Atmanirbhar and globally competitive steel sector. As India moves forward in its journey towards becoming a developed economy by 2047, events like these are critical in shaping policy, fostering innovation, and driving growth within one of the most crucial sectors of the economy.