ISA Conclave 2025: Piyush Goyal Calls Steel Backbone of Viksit Bharat
On September 10, 2025, the Union Minister of Commerce and Industry, Shri Piyush Goyal, addressed the 6th edition of the ISA Steel Conclave. He appreciated India’s potential to manufacture high-quality steel. He urged the industry to depend less on foreign imports and become self-reliant. He also suggested analysing the import and export profile of the industry and finding areas where import substitution can be done, and contributing towards making the industry a backbone of Atmanirbhar Bharat. According to him, a self-sufficient industry would be stronger, more competitive, and better prepared for global challenges.
The minister talked about the ongoing negotiations for Free Trade Agreements (FTAs) with several countries. As per him, these agreements will help in unlocking new opportunities for the Indian steel industry in the global market. The current government has ensured the inclusion of “melt and pour” conditions if there is a potential for steel inflows. This way, low-cost steel cannot be imported from third nations, protecting the Indian producers.
He noted that India still imports many capital goods and equipment used in steelmaking. He encouraged the sector to start producing them in India. This would help in creating more business opportunities and also play an important role in the country’s goal of becoming a self-reliant country.
Calling steel the backbone of India’s growth story, Shri Goyal expressed confidence that Indian producers can soon achieve exports of 50 million tonnes in the near term. He also informed us that the government has discussed a roadmap to boost the steel capacity for the same. He encouraged the steel industry to set big goals and ensured that the government would support it at every step, especially in solving issues like high raw material prices and the supply of iron ore.
Shri Goyal highlighted the need for India’s steel industry to meet the global standards. He focused on the use of prefabricated steel for cities like Mumbai, where the tall buildings and slum rehabilitation projects are carried out. He also pointed out the feature of prefabricated steel, saying that it provides stability, reduces the burden of interest, and helps in high-quality housing.
He also shared that the concluded agreement with the EFTA group, including Switzerland, Norway, Liechtenstein, and Iceland, is applicable from October 1. Talking about the agreement with the UK, he said that this agreement is still pending for approval.
Shri Goyal emphasised shipbuilding as an important sector with lots of opportunities. With high-quality shipyards, strong machinery, and advanced building capacity, it can build a strong shipbuilding industry that could generate up to 12 million jobs in India.
He also aligned the steel industry’s growth with the recent GST reform. He said that the reduced GST rates enable people to spend more money, boosting the consumption demand. This increased demand attracts investment, which further increases the steel demand.
Concluding his speech, Shri Goyal called the steel industry “evergreen” and encouraged it to embrace Swadeshi principles, increase production, and innovate. He said that reaching 500 million tonnes of output will be central to making India a developed nation by 2047.