PM Modi Sets 2047 Steel Target, Pushes for Self-Reliant India

In a world hurtling toward rapid infrastructure expansion and industrial transformation, steel is not just a metal—it is the foundation on which nations rise. And for India, a country scripting a new growth story every day, steel is emerging as the backbone of its grand ambition: Viksit Bharat 2047, a fully developed, self-reliant India.

This week, that ambition received a resounding push from none other than Prime Minister Narendra Modi, who made a clarion call to the Indian steel industry—become self-reliant, shed import dependency, and aim big. Really big.

Virtually addressing the 6th edition of India Steel 2025 in Mumbai, PM Modi outlined a future where India's steel production capacity scales up to 500 million tonnes by 2047, the year that marks India’s 100th year of independence. A symbolic target, yes, but also a deeply strategic one.

“The steel industry is behind every success story in India,” PM Modi said, setting the tone for what could be a defining decade for the sector.

Steel: The Silent Force Behind India's Rise

From the majestic arches of bridges to the sturdy frames of affordable homes, steel quietly powers every milestone of India's development. PM Modi reiterated this, linking the sector directly to transformative national projects like PM Gati Shakti and PM Awas Yojana, which are reshaping logistics and housing infrastructure respectively.

PM @narendramodi's remarks during the India Steel 2025 programme. https://t.co/Nh3x774mPJ

— PMO India (@PMOIndia) April 24, 2025

He stressed that all government projects are now mandated to use only Made-in-India steel, reinforcing the commitment to ‘Aatmanirbhar Bharat’—a vision that’s no longer aspirational but urgent.

India’s steel story is no longer just domestic. It's also a global narrative.

“India is now the second-largest steel producer in the world, but we must not stop there. We must aim to be globally competitive, innovation-driven, and future-ready,” said PM Modi.

The Road to 2047: A New Era of Steel Innovation

A major chunk of PM Modi’s address focused on innovation and technology—the two pillars he believes will transform the steel industry from a traditional giant to a tech-forward, sustainable powerhouse.

He invited both public and private sector players to step up investments in R&D, create innovative applications of steel, and build resilience into the system. From space missions like Chandrayaan to building India’s first indigenous aircraft carrier, steel made in India is already proving its mettle.

These examples, Modi said, symbolize the confidence and capacity of the Indian steel industry—but the goal now is to take it global.

A Sector at a Crossroads: Opportunities and Obstacles

However, amid the optimism lies a pressing reality check. According to Business Standard, India was a net importer of steel in the current fiscal year. Steel imports surged by 20.3% to 8.29 million tonnes between April 2024 and January 2025, while exports plunged 28.9% to just 3.99 million tonnes.

These numbers are worrying for an industry trying to cut foreign dependence.

A bulk of these imports come from China, which has excess supply and aggressive pricing strategies. Indian steelmakers have flagged the threat this poses to domestic manufacturers who are already grappling with rising input costs and stiff competition.

In a timely policy move, the Indian government announced a 12% safeguard duty on steel imports for the next 200 days—an effort to create breathing room for the local industry.

This decision also follows recent trade developments in the US, where tariffs on Chinese steel could push excess inventory toward Indian markets unless countered proactively.

India Steel 2025: A Turning Point?

The Prime Minister’s speech came on the sidelines of India Steel 2025, the Ministry of Steel and FICCI’s flagship international conference. Held at the Bombay Exhibition Centre from April 24 to 26, the event has brought together policymakers, investors, manufacturers, and industry visionaries under one roof.

It’s more than just an exhibition—it's a forum to ask hard questions, explore groundbreaking ideas, and align India’s steel story with the nation’s larger economic aspirations.

India Steel 2025 is also expected to catalyze investment in capacity expansion, sustainable production practices, and value-added product development, which are essential for the sector to thrive globally.

The Startup Angle: Is This an Opportunity in Disguise?

For India’s booming startup ecosystem, this moment in the steel sector could be a golden one.

Climate-focused hardware startups, AI-driven efficiency solutions, circular economy initiatives, and green manufacturing ventures—there’s space for all of these to plug into the larger steel value chain. With the government actively encouraging innovation, there is a growing appetite for tech-backed, sustainable solutions that can reduce wastage, optimize logistics, and lower carbon footprints in steel production.

Startups in clean-tech, supply chain digitization, and industrial IoT can find rich collaborative opportunities with steel giants looking to reinvent their operations.

From Aspirations to Action

The roadmap ahead is bold, but not beyond reach. India’s steel industry is standing at a crossroads—where policy support, global ambition, and technological innovation are finally converging. What happens next will depend on how quickly the sector adapts, collaborates, and scales.

PM Modi’s words were not just a vision—they were a challenge. A call to action for every stakeholder in the ecosystem to contribute to India’s steel renaissance.

Because if India’s backbone is made of steel, then every innovation, every idea, and every new partnership becomes a part of the structure that will uphold the dreams of 1.4 billion people.

And that’s a future worth forging.