Economy - Reports
Piyush Goyal sets 500 mn tonnes domestic steel production target by 2034 As on : 06-Sep-24  11:43

Commerce and Industry Minister Piyush Goyal on Thursday suggested discussions on carbon border adjustment tax with top steel industry leaders to promote sustainable manufacturing in the sector. He also asked the industry to target 500 million tonnes steel production by 2034. At present, the industry is eyeing 300 million tonnes by 2030. He urged the industry leaders to focus their energy on economies of scale through decarbonisation as green steel will be in more demand.

The minister suggested the industry find newer and better ways on lowering carbon emission and promoting high productivity and quality steel in the country. The Union Minister further made three suggestions for the domestic steel industry. First, he asked the industry to find new and better ways towards low emission, high productivity and high quality to make India an irresistible steel manufacturer in the world. Second, he urged the industry to utilise artificial intelligence (AI) to optimize production, reduce waste and improve efficiency across the value chain. Third, the Minister also urged the industry to integrate indigenous machinery for domestic production.

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