According to a recent report by FICCI and Deloitte, India’s steel industry is set to undergo a significant technological transformation. The report highlights the importance of technology to increase efficiency and sustainability in the sector. This investment, which will contribute to India’s mining and steel sectors, is expected to increase from USD 1-1.2 billion in 2024 to USD 2.3-2.7 billion by 2030.
The year 2030 is critical for India’s steel industry, as the country aims to increase its steel production capacity to 300 million tonnes, as stated in the National Steel Policy that came into effect in 2017. The report also predicts that per capita steel consumption will increase to 160 kg by 2030 and approximately 220 kg by 2047.
Industry experts have highlighted the transformation phase of the sector, driven by advances in artificial intelligence and digital technologies. They noted that integrating new systems with existing infrastructure and managing the costs of technological upgrades pose significant challenges for industry players. He also highlighted the importance of innovation and digital adoption in building a more resilient and sustainable future for the steel industry. He added that embracing technology and building strategic partnerships are key to achieving these goals.
Digital tools are expected to help the steel industry comply with environmental regulations by making energy use more efficient and improving emissions monitoring.
The increased investment in these technologies supports the objectives of India’s National Steel Policy and demonstrates the industry’s commitment to adopting new technologies and focusing on sustainability.
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