New Delhi: The Indian steel sector is projected to see investments in process and digital technologies rise from US$ 1 - 1.2 billion in 2024 to US$ 2.3-2.7 billion by 2030, according to the FICCI-Deloitte India report on ‘Automation, Digitalisation and Technology Integration for the Indian Mining and Steel sector’ released. The report highlights that India aims to reach 300 million tonnes of crude steel capacity by 2030 and 500 million tonnes by 2047, driven by consumption across end-user sectors and supported by government expenditure and urbanisation.
The report notes that the Indian steel sector contributes around 2% to the country’s GDP and employs 6 lakh people directly and 20 lakh indirectly. Per capita steel consumption in India is expected to reach 160 kg by 2030 and around 220 kg by 2047. The report also underscores the potential of digital tools to enhance compliance with environmental regulations and improve energy efficiency and emission monitoring.
Addressing the conference on ‘Automation, Digitalization & Technology Integration in Mining & Steel: Driving the Next Era of Growth’, organized by FICCI in collaboration with the Ministry of Steel, Amarendu Prakash, Chair, FICCI Steel Committee and Chairman, Steel Authority of India (SAIL), said, “The enabler to adopt digitalization in the mining and steel sector is change management in terms of the people that you have. People must see installation and automation as an enabler rather than as a substitute.”
Amitava Mukherjee, Chair, FICCI Mining Committee and CMD (Additional Charge), NMDC Ltd, said, “The convergence of digital technologies with traditional industrial practices is not merely a trend but it is an imperative for the future. Automation, digitization, and technology integration are no longer optional; they are the cornerstones upon which the future of these industries will be built.”
Gajraj Singh Rathore, Co-Chair, FICCI Steel Committee and Whole Time Director & COO, JSW Steel Ltd, stated, “Collaboration will be key to our success. By fostering a culture of innovation, tech adoption, digitalization and partnerships, we can collectively shape a resilient, prosperous and sustainable future for all.”
Rajib Maitra, Partner, Deloitte India, said, “The Indian mining and steel sector is on a transformative path, spurred by innovations in AI and digital technologies. The operators, on ground, face practical challenges like integrating new systems with legacy infrastructures and managing the costs associated with technological upgrades.”
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