Union Steel Minister H.D. Kumaraswamy emphasized the need for collaboration between steelmakers and premier institutions like the Indian Institute of Science (IISc) and IITs to foster research and innovation for a technologically advanced and globally competitive steel industry. Speaking at the National Metallurgists Awards ceremony on Wednesday, the Minister highlighted the steel sector’s pivotal role in India’s industrial progress, stating, “From skyscrapers to highways, railways to defence, steel drives our development and fuels our ambitions.” He stressed the importance of research in specialty steel as a crucial area for innovation.
Kumaraswamy noted that under Prime Minister Narendra Modi’s leadership, India is advancing toward a $5 trillion economy, with steel at the core of this transformation. While the sector faces challenges such as market volatility, sustainability demands, and the need for innovation, the government remains committed to supporting its growth through policies like the National Steel Policy 2017 and the Production-Linked Incentive (PLI) Scheme for Specialty Steel, along with initiatives promoting circular economy practices and scrap recycling.
The Steel Minister also underscored India’s pledge to achieve net-zero emissions by 2070, positioning the steel industry as a leader in adopting sustainable practices like hydrogen-based steelmaking and renewable energy. These efforts aim to set global benchmarks in eco-friendly production and align with the nation’s mission to combat climate change.
