India's steel secretary warned that the country needs $120 billion in investments to reach its 300 MT steel production target by 2030. With current capacity at 180 MT, an additional 120 MT is required. Without these investments and with rising demand, India could become a net steel importer by 2030. View More

India needs investments worth USD 120 billion to install 120 million tonne (MT) steel-making capacity to achieve its 300-MT target by 2030, Steel Secretary Sandeep Poundrik said on Wednesday. The top ministry official said if steel demand continues to rise and capacity additions don't take place, India may also become a net importer of steel. India's steel capacity has reached 180 MT, and another 120 MT is needed to reach 300 MT, Poundrik said at a Ficci event here. "We will need... about 120 MT of additional capacity, which means approximate investment of 120 billion dollars, which is 10 lakh crores in Indian rupees. And if that investment has to come, then our industry has to have that kind of profitability that we are able to make that investment," he said. If that will not happen, and demand continues to rise against increase in capacity addition then probably by 2030, India will become a net steel importer, the secretary cautioned. As far as steel demand is concerned, there is no issue. The steel demand has expanded 13 per cent in the first half of the year and per capita steel consumption is heading towards 100 kg. Artificial Intelligence(AI)Mastering C++ Fundamentals with Generative AI: A Hands-OnBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program FinanceStartup Fundraising: Essential Tactics for Securing CapitalBy - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experienceView Program Artificial Intelligence(AI)Master in Python Language Quickly Using the ChatGPT Open AIBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program Web DevelopmentAdvanced Java Mastery: Object-Oriented Programming TechniquesBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program LeadershipBusiness Storytelling MasterclassBy - Ameen Haque, Founder of StorywallahsView Program Artificial Intelligence(AI)Tabnine AI Masterclass: Optimize Your Coding EfficiencyBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program MarketingDigital Marketing Masterclass by Neil PatelBy - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing GuruView Program Artificial Intelligence(AI)Basics of Generative AI: Unveiling Tomorrow's InnovationsBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program FinanceTally Prime & GST Accounting: Complete GuideBy - CA Raj K Agrawal, Chartered AccountantView Program Artificial Intelligence(AI)AI for Everyone: Understanding and Applying the Basics on Artificial IntelligenceBy - Ritesh Vajariya, Generative AI ExpertView Program MarketingFuture of Marketing & Branding MasterclassBy - Dr. David Aaker, Professor Emeritus at the Haas School of Business, UC Berkeley, Author | Speaker | Thought Leader | Branding ConsultantView Program FinanceAI and Generative AI for FinanceBy - Hariom Tatsat, Vice President- Quantitative Analytics at BarclaysView Program LeadershipBoosting Startup Revenue with 6 AI-Powered Sales Automation TechniquesBy - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experienceView Program Web DevelopmentIntermediate C++ Skills: Master Pointers, Structures and File StreamBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program Artificial Intelligence(AI)AI-Powered Python Mastery with Tabnine: Boost Your Coding SkillsBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program Artificial Intelligence(AI)Generative AI for Dynamic Java Web Applications with ChatGPTBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program Web DevelopmentMastering Full Stack Development: From Frontend to Backend ExcellenceBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program Office ProductivityMicrosoft Word Mastery: From Beginner to ExpertBy - CA Raj K Agrawal, Chartered AccountantView Program Web DevelopmentA Comprehensive ASP.NET Core MVC 6 Project Guide for 2024By - Metla Sudha Sekhar, IT Specialist and DeveloperView Program "Coming to the issue of profitability, there have been concerns for almost a year, and especially in last few months that dumping is happening at the international level and steel prices have come down," he said. Elaborating on steel industry issues, the official said Indian imports in the first half of this financial year have increased about 41 per cent while exports have gone down 36 per cent. The prices are stressed and inventory levels in steel companies have increased from the usual 15-16 days to up to 30 days, he said, adding that the industry is facing a genuine problem. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)