Goyal Calls 500 MT Steel Target 'Sub-Optimal', Urges Higher Production

India's Commerce and Industry Minister Piyush Goyal has called on the domestic steel industry to set a far more ambitious production target than the current 500 million tonnes by 2047, labeling it as 'sub-optimal' and urging steelmakers to match or surpass China's capacity to become the world's largest steel producer. Speaking at the Steel India 2025 event, Goyal emphasized the sector's vital role in India's economic growth and its status as the backbone of the nation's development, with steel being essential across infrastructure and multiple industries. He advocated for innovation and collective action, particularly in expanding the use of steel for prefabricated buildings, a practice common in developed countries that could stimulate demand in India's urban centers. The minister also highlighted the need to boost per capita steel consumption, currently at 100 kg, towards levels seen in advanced economies. Meanwhile, the industry faces challenges from a surge in steel imports, especially from China, which threatens domestic producers and export prospects. Goyal's remarks come as major Indian steel companies are already ramping up capacity in anticipation of continued economic and infrastructure growth.