New Delhi: In his speech at the 5th edition of the ISA Steel Conclave in New Delhi, the Union Minister of Commerce and Industry, Piyush Goyal, has set a target of 500 million tonnes of steel production by 2034. The Minister has urged the industry leaders to focus on economies of scale through decarbonization to get green steel, a PIB release stated.
According to the Minister, India’s decade to showcase innovation, collaboration, and cooperation among various sectors of Indian industries is now. He also praised the steel industry for branding Indian steel as a “Made in India” product, which is a testament to the country’s growing Atmanirbharta.
He made three suggestions for the domestic steel industry: reduce emissions, improve efficiency, achieve high quality; use AI to optimize production, reduce waste, improve efficiency; and integrate indigenous machinery for domestic production.
The Minister assured stakeholders that the government is committed to addressing the issues faced by the steel industry and promoting sustainable manufacturing in the sector. He also clarified that the government will take up the issue of the Carbon Border Adjustment Mechanism (CBAM) in discussions with steel industry leaders to promote sustainable manufacturing in the sector.