Page 36 - Steel Metallurgy eMagazine Volume September 2026

DEMAND FORECASTING

Table 3: Four Developments That will Shape the Sector Through 2030

1. Capacity targets are important, but was an important intervention during a approvals all progress simultaneously.
the quality of growth matters even more challenging phase for the industry. Delays in any one of these areas can
influence the overall implementation
The National Steel Policy rightly At the same time, temporary policy schedule.
established ambitious targets for measures should be viewed as
capacity, production and per-capita steel instruments that provide the industry Having worked on project monitoring
consumption. These indicators provide with an opportunity to strengthen itself as well as statutory clearances,
measurable milestones and have helped rather than permanent solutions. Over I have observed that execution
guide investment decisions across the the long term, the competitiveness of requires continuous coordination
sector. Indian steel will continue to depend among government agencies, project
on productivity, technology adoption, developers, financial institutions and
However, over time I have come to energy efficiency, cost optimisation and local administrations. In many cases,
appreciate that achieving numerical the ability to compete successfully in progress depends as much on effective
targets alone does not necessarily global markets. coordination as it does on technical
translate into a stronger industry. capability or financial resources.
The sustainability of future growth In my view, sustained competitiveness
will depend on factors that receive cannot rely solely on trade protection. It For this reason, I believe the success of
comparatively less public attention— must ultimately be built on operational the National Steel Policy should not be
availability of high-grade iron ore, excellence and efficient utilisation of assessed only by installed capacity. Equal
beneficiation capacity, logistics resources. attention should be given to improving
infrastructure, reliable coking coal the efficiency of project implementation,
supplies, environmental sustainability 3. Execution remains the defining reducing approval timelines where
and technological advancement. challenge feasible and strengthening institutional
These factors may not attract the same coordination across the value chain.
attention as annual production figures, Perhaps the most important lesson I
but they determine how efficiently the have drawn over the years is that India's A BROADER
installed capacity ultimately performs. challenge has rarely been a lack of vision.
Whether in mining or steel, the country PERSPECTIVE
2. Policy support can accelerate growth, has generally articulated clear long-
but competitiveness must remain the term objectives. The greater challenge
long-term objective has been translating those objectives Looking back over the past decade, I
into completed projects within planned remain convinced that the National Steel
Recent experience has demonstrated that timelines. Policy provided the Indian steel sector
well-designed policy interventions can with a clear strategic direction at the
provide timely support to the domestic Large industrial projects involve right time. The progress achieved since
steel industry. The safeguard duty multiple stakeholders and sequential then demonstrates the resilience of the
introduced on steel imports improved approvals. Financing, land acquisition, industry and the growing strength of
market conditions within a relatively environmental and forest clearances, domestic demand.
short period by reducing import pressure utility infrastructure, rail connectivity,
and improving producer confidence. This rehabilitation measures and regulatory At the same time, the next phase of

34 STEEL & METALLURGY SEPTEMBER 2026