India wants to double its steel production in the next 8 years

India wants to double its steel production in the next 8 years to 240 million tons, compared to the current rate, the newly appointed Minister of Steel of India announced, Jyotiraditya Shindia, SteelOrbis reported.

“The steel industry makes a significant contribution to the economic development of any country. Today, India is the second largest producer of steel in the world with production volumes of 120 million tons per year. I am sure that the goal of doubling production to 240 million tons per year is quite realistic to be achieved by 2030,” the minister said.

According to him, medium and small scale industries also play an important role in the steel sector. They account for almost 50-52% of production due to the number of such enterprises – almost 3 thousand.

“I guarantee that the production of steel in the country will increase due to the development of medium and small enterprises, their merger with large companies,” summed up Jyotiraditya Shindia.

Earlier GMK Center reported that by 2026-2027, India intends to invest $5.3 billion in new facilities for the production of special steels in order to increase their production to 42 million tons.

India is among the top three steel producers in the world. According to World Steel, in 2021, the country increased its steel production by 17.8% compared to the previous year, to 118.1 million tons.