The investment in process and digital technologies across India's steel value chain is expected to significantly rise to USD 2.7 billion by 2030, according to a FICCI-Deloitte report. These advancements will enhance technological capabilities, contributing to a more efficient and sustainable mining and steel industry in the country. This rise in investment marks a leap from the current USD 1-1.2 billion projected for 2024.
The year 2030 is pivotal for the Indian steel sector as the National Steel Policy 2017 envisions expanding the nation's steel-making capacity to 300 million tonnes by that year. In tandem with this, per capita steel consumption in India is expected to increase to 160 kg by 2030 and further to 220 kg by 2047.
The report emphasizes that digital tools can help the steel industry achieve better environmental compliance by improving energy efficiency and enhancing emissions monitoring. In addition, digitalization can offer the flexibility and scalability needed to adapt to evolving market conditions, foster innovation, and improve worker safety.
Rajib Maitra, Partner at Deloitte India, highlighted the transformative impact of AI and digital technologies on the mining and steel sector while acknowledging the practical challenges of integrating new systems with existing infrastructure and managing the associated costs of such technological upgrades. The integration of digital technologies is seen as a key factor in unlocking new capabilities across the industry.
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