India aims to increase its annual steel production to 300 million tonnes by 2030 and 500 million tonnes by 2047, Union Minister for Coal and Mines G. Kishan Reddy announced on November 6. The targets are part of the government’s efforts to expand domestic steel production, meet rising demand and improve the availability of affordable steel across the country.
Addressing a press conference after the conclusion of the two-day 4th Conference of Mining Ministers in Goa, Reddy said India currently produces around 168 million tonnes of steel annually. He said Prime Minister Narendra Modi had set the production targets to support the country’s growing requirements.
The minister linked the expansion of steel production to the demand for housing across income groups, pointing out that steel and cement are essential materials for construction. He said their affordable availability would help make homeownership more accessible, including for beneficiaries of the Pradhan Mantri Awas Yojana and individuals building their own homes.
Reddy also highlighted the importance of increasing domestic iron ore production to ensure adequate raw material supplies for the steel industry. He said the Centre was working to expand iron ore output across the country and noted that Goa could contribute to this effort by increasing mining activities, subject to applicable Supreme Court restrictions.
The minister called for the utilisation of old mining dumps in Goa, stating that considerable quantities of iron ore could still be recovered from previously extracted material. He added that the Centre would extend assistance to the Goa government in expanding mining activities, generating employment and strengthening the state’s contribution to the country’s mineral and steel sectors.