Finance Minister Nirmala Sitharaman has urged Indian steel producers to accelerate decarbonisation efforts and boost domestic manufacturing of specialty steel. Speaking at the World Steel Association General Assembly in New Delhi, she emphasized modernizing production methods to meet rising demand.

Key Sector Figures and Investment Scale

Government intervention includes targeted financial incentives and surging public infrastructure investment to drive market growth. Key metrics highlight the current scale of the industry and its financial backing.

Key figures for the sector include:

• Approved outlay of ₹6,300 crore for the specialty steel production-linked incentive scheme.
• Public capital expenditure scaling from approximately ₹2 lakh crore in 2014-15 to ₹12.2 lakh crore in FY27.
• Consumption outstripping production for two consecutive years.

These initiatives aim to attract investment and facilitate crucial technology upgrades across domestic facilities.

Priorities and Global Trade Stance

Sitharaman outlined primary objectives for the sector while addressing international trade policies and capacity challenges. The policy focus areas combine environmental sustainability with broader regulatory perspectives.

The core policy priorities include:

• Expanding capacity while reducing energy consumption and carbon intensity.
• Developing credible emissions measurement technologies for greener production standards.
• Opposing the use of unilateral tariffs and advocating for multilateral rules on subsidies.

The Finance Minister also invited the World Steel Association to establish an office in India to engage with the rapidly growing market.