Rising steel demand to boost local production: Naveen Jindal
India’s lower per capita steel consumption compared to the global average leaves ample headroom for domestic output to be absorbed locally, Indian Steel Association President Naveen Jindal said on Monday.
India’s per capita steel consumption is significantly lower at around 107 kg annually compared to the world average of 220 kg, Jindal told reporters on the sidelines of the 53rd National Management Convention organised by All India Management Association (AIMA).
“India is a very big market in itself. There is a huge scope to grow; that is why the government has a target of producing 300 MT by 2030. The Government is working on infra all over the country,” he said in reply to a question if protectionist measures being taken by various countries will impact the Indian steel players.
Jindal, who is also the Chairman of Jindal Steel, said the domestic steel sector is taking multiple measures to reduce carbon emissions to help India meet net zero goals as set by the Government.
On the West Asia crisis, he said, “Wars do not help anyone. These are very destructive, and that’s why PM Narendra Modi has been focusing on Atmanirbharata (self-reliance) in energy security. Although we are dependent on fuel, in energy we have enough sources in the country; there is no shortage. Compared to other large economies, India is doing very well.”
Steel prices have gained momentum over the last few weeks due to a coking coal rate increase of $50-60 per tonne. Steel makers are expecting the price trend continue in the next quarter as well. Replying to a question related to steel prices, Jindal said, “We are able to provide steel to all the customers in India at a very competitive price. There is lot of competition in India and if you compare the steel prices in the last 20 years, they have gone up by only 10 pc in the last 20 years if you compare it to other metals.”
As per official data, India’s crude steel output continued its upward trajectory in 2025–26, growing by over 10.7 per cent year-on-year to around 168.4 million tonnes during April–March, reflecting sustained industrial momentum.
