India’s steel industry is on track for significant technological advancements, with a projected investment of up to $2.7 billion in digital and process technologies by 2030. This comes from a recent report by FICCI and Deloitte titled “Automation, Digitalisation and Technology Integration for the Indian Mining and Steel Sector.” The report predicts that investments will rise from $1-1.2 billion in 2024 to $2.3-2.7 billion by 2030, excluding ERP upgrades.
The National Steel Policy 2017 sets 2030 as a crucial year, aiming to boost India’s steel-making capacity to 300 million tonnes. Per capita steel consumption is also expected to rise to 160 kg by 2030 and 220 kg by 2047.
Rajib Maitra of Deloitte India highlighted the industry’s transformation through AI and digital technologies, while Gajraj Singh Rathore of FICCI stressed the need for innovation and digital adoption. These advancements are expected to enhance energy efficiency, emission monitoring, and worker safety, aligning with the sector’s sustainability goals.
Additionally, the report underscores the role of strategic partnerships in accelerating the industry’s technological adoption. Collaboration between industry leaders, tech firms, and government bodies is expected to drive the development of new tools and processes that enhance productivity while reducing environmental impact. By fostering a culture of innovation and leveraging cutting-edge technology, India’s steel sector is poised to not only meet but exceed its ambitious targets, positioning the country as a global leader in sustainable steel production by 2030.
