Terms 500 MT aim ‘sub-optimal’ 

PTI mumbai

Union Minister Piyush Goyal on Friday said the target of achieving 500 million tonnes (MT) of steel production is a "sub-optimal" one and the industry should aim for a higher target amid increasing per capita consumption of the metal in the country.

The minister was delivering his keynote address at the 6th edition of Steel India 2025 event, hosted jointly by the Ministry of Steel and the Federation of Indian Chambers of Commerce and Industry (Ficci), which started on Thursday. "Clearly 500 million tonnes (of steel production) is a sub-optimal target. We should, I think aspire at least to go up to the level of our nearest competitor. And why can we not aspire to be the world's largest manufacturer of steel by 2047," Goyal exhorted the industry.

Referring to the steel industry as the "backbone" of the country's economy, the minister emphasised the crucial role of steel in the nation's journey toward becoming a developed and prosperous country. Steel is an essential component in nearly every sector of life, be it shipping, shipbuilding, railways, defence, automobiles, infrastructure across the country, it is there in every walk of life," he said. 

The minister also urged for continued growth and innovation, questioning if the country should be satisfied with its current status. He emphasized the need for collective action within the steel sector to further elevate India's position on the global stage.

Stressing the potential for expanding steel's use in new sectors, particularly in the construction of prefabricated buildings, he pointed out that many developed nations have adopted precast prefabricated building structures and suggested that India should consider introducing such practices, especially in urban areas.