According to Indian media reports on October 23, Indian Steel Minister Chaudhary Birender Singh said at an internal meeting that India has set a crude steel capacity of 2030/2031. With a target of 300 million tons, foreign related companies will benefit from this.

Singh said that in the next 10 to 12 years, the Indian steel industry is expected to invest $128 billion to build new steel capacity, which will require steel equipment and related materials worth about $25 billion, most of which will depend on imports, only spare parts. Imports of more than $500 million a year are required.

According to the National Steel Industry Policy 2017 issued by India, its crude steel production capacity will reach 300 million tons in the 2030/2031 fiscal year, crude steel production will reach 255 million tons, and finished steel production will reach 230 million tons. Will reach 158 kg. According to data released by the Organisation for Economic Co-operation and Development (OECD), in 2013, India's crude steel capacity exceeded 100 million tons, reaching 104 million tons; by 2017, the value increased to 124.8 million tons, an increase of 20%.

Singer pointed out that in the past four years, India's steel consumption has grown at an average annual rate of 7%, with an average annual increase of 7.9% over the past two years. At present, India's per capita steel consumption is 68.3 kilograms, only 58 kilograms four years ago.

He stressed that relevant domestic suppliers, foreign related technology suppliers and equipment manufacturers can seize the opportunities of the Indian steel industry through sole proprietorship or joint ventures with Indian companies to establish factories and provide related services in India.

Indian media reported that on the day of the meeting, 20 technology suppliers, equipment manufacturers and steel producers signed 38 cooperation memorandums of understanding worth a total of $5 billion. Among the 20 companies, 12 are from countries such as China and Italy. Singh stressed that in order to ensure the final conclusion of the cooperation memorandum of understanding, the Indian Ministry of Steel is studying the development of relevant procurement preferential policies.

Singh said that multinational companies will bring new investment and the latest technology to India to meet the future needs of the Indian steel industry and promote India to become a global steel-related equipment manufacturing center.