Strengthened by steel sector, India emerging as 5th largest global economic power: Kumaraswamy

Bengaluru, Nov 21 Union Minister for Heavy Industries and Steel H.D. Kumaraswamy has said that India is rapidly advancing towards becoming the world’s 5th largest economic power with the steel industry playing a central role in this transformation.

Speaking at the Indian Institute of Metals (IIM) awards ceremony in Bengaluru on Thursday, the Minister said, “Under the leadership of Prime Minister Narendra Modi, India has now emerged as the 6th largest global economic power and is moving swiftly toward the 5th position. The steel industry is a significant contributor to this progress.”

As India strives to achieve a 5 trillion dollar economy, the steel sector plays a decisive role in this journey, he underlined.

He highlighted the continuous support of the Central government for the growth of the steel industry, stating, “The National Steel Policy has been framed to empower this sector.”

Initiatives to promote speciality steel production and green steel manufacturing are being prioritised. The Production-Linked Incentive (PLI) scheme, among other impactful programmes, has helped the steel industry in India gain strength and align with the Prime Minister’s vision, Kumaraswamy stated.

He reaffirmed the government’s commitment to sustainable and dynamic growth in the steel sector.

“We are working with a clear roadmap, focusing extensively on research and development. At the same time, we aim to reduce air pollution caused by steel production processes to zero by 2070. This goal will undoubtedly be achieved,” he stated confidently.

In light of global environmental concerns, the Minister stressed the importance of sustainable steel production, encouraging hydrogen-based steel manufacturing and the recycling of steel to support ecological balance.

The minister emphasized the pivotal role of the steel industry in nation-building, saying, “From skyscrapers to highways, railways to defence, steel powers our progress and fuels our ambitions,” he stated.

“The need for a circular economy and scrap recycling is more urgent than ever,” the minister remarked. He also called for greater collaboration between steelmakers and top research institutions such as IISc and IITs to foster innovation, especially in speciality steel -- a sector he described as crucial for future growth.

During the event, Indian Institute of Metals President Sajjan Jindal welcomed and honoured Union Minister Kumaraswamy.

Shasi S. Mohanty was conferred with the Lifetime Achievement Award for his remarkable contributions to metallurgy. The National Metallurgist Award was conferred upon Dr T.P.D. Rajan for his exemplary work in the sector.

In the category of Research and Development in Steel, Dr D. Satish Kumar was honoured for his innovative advancements. The Young Metallurgist Awards celebrated rising talent, with Dr Sai Goutam Gopalkrishnan and Biraj Kumar Sahoo receiving recognition for their contributions to the field.

On the remarkable contributions of individuals in the field of metallurgy, the Union Minister congratulated the awardees, saying, “Your dedication inspires the next generation and strengthens India’s industrial progress.” He urged all stakeholders to unite in their pursuit of innovation and sustainability, ensuring India’s steel industry remains competitive globally.

Amarendu Prakash, Chairman of the Steel Authority of India (SAIL), Prof B.S. Murthy, Vice President of IIM, Brigadier Arun Ganguli (Retd.), and Dr Dhiren Panda, Convenor of IIM-ATM, Prof B.S. Murthy, Vice President of IIM Brigadier Arun Ganguly, and Dr Dhiren Pandey were present.