Union Steel Minister H. D. Kumaraswamy stressed the Indian steelmaker needs to interact with important research institutions such as IISc and IIT to take up more research and innovation work. Speaking at the National Metallurgists Awards ceremony, he emphasized how the steel sector supports India’s high industrial growth, infrastructure development, and nation-building goals.
The Minister emphasized that the steel industry is the backbone of the industrial house of India because it contributes significantly to construction, transport, and defense. However, he cited areas where challenges exist, including market volatility, the need to be sustainable, and an urgent need to ‘catch up on technologies’.
To address these challenges and enhance global competitiveness, Kumaraswamy stressed the importance of fostering partnerships between steelmakers and premier institutions like IISc and IITs. These collaborations, he suggested, would help develop innovative solutions and technologies to strengthen India’s position in the global steel market.
Specialty steel became one of the critical focus areas discussed; the minister emphasized the need for the industry to orient research and development in this particular segment. Special steels are critical for fulfilling myriad industrial requirements and thus are important for self-sufficiency in critical applications.
Support to the steel sector by the Union Government also came through initiatives such as the ambitious National Steel Policy 2017, which sets targets for the increase in production and usage within domestic boundaries, and the Production-Linked Incentive Scheme for Specialty Steel. It is aimed at creating investment opportunities, increasing production capacities, and inducing sustainable practice adoption. In addition, there are efforts among the industry to introduce principles of a circular economy about scrap recycling and, thereby, efficiency in resource use as well as environmental impact.
Conclusion:
The steel industry will continue to be a cornerstone of the transformation toward India’s target of $5 trillion as the country moves toward its stated goal. Strategic partnerships with research institutions, along with government-backed initiatives, will further strengthen the sector’s global competitiveness and technological capabilities. Along with such measures, strengthening industrial growth will also be complemented by India’s leadership in the global steel industry.
Source: PTI