Steel capacity in India has surpassed 161 million tonnes, and the industry is set for further expansion, according to Steel Secretary Nagendra Nath Sinha on Tuesday.

According to the National Steel Policy, India aims to add 300 MT of steel capacity by 2030. "We have already crossed 161 million mt of capacity, comprising 67 MT through the blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT through the electric arc furnace (EAF) route, and 58 MT through the induction furnace (IF) route," Sinha said at the '4th Indian Steel Association (ISA) Steel Conclave' event in the national capital.

He also emphasized that India's steel sector is ready for future expansion. According to Sinha, India is the world's fourth-largest vehicle market, with a CAGR of 8-10% predicted over the next ten years.

He went on to say that embracing low-carbon technologies, cooperating with stakeholders, and implementing green practices are critical for the industry's long-term viability and alignment with national and international environmental goals.

Furthermore, the industrial sector has seen a compound annual growth rate (CAGR) of 7-8%, which is fuelling demand for steel in both sectors. In the steel industry, the production-linked incentive programme is working successfully. Out of the Rs 29,500 crore promised, the industry has spent approximately Rs 10,000 crore.

Steelmaking in general has a lot of room for development in terms of lowering carbon emissions. "I'm confident that industry leaders are realigning their strategies, and we'll soon be exploring low carbon steel, as desired by global markets," Sinha added.