THEBUSINESSBYTES
BUREAU
NEW
DELHI, SEPTEMBER 21, 2026
India’s rapidly
expanding domestic market could provide the steel industry with ample room to
absorb higher production, as per-capita steel consumption remains well below
the global average, Indian Steel Association President Naveen Jindal said on
Monday.
India’s per-capita
steel consumption stands at around 107 kg annually, compared with the global
average of approximately 220 kg, highlighting significant untapped potential
for demand growth within the country, Jindal told reporters on the sidelines of
the 53rd National Management Convention organised by the All India Management
Association (AIMA).
“India is a very big market in itself. There
is a huge scope to grow, which is why the government has a target of producing
300 MT by 2030,” Jindal said, responding to a question on whether protectionist
measures adopted by several countries could affect Indian steel producers.
He said continued
infrastructure development across the country would remain a key driver of
steel demand, creating a strong domestic market for increased production.
Jindal, who is also Chairman
of Jindal Steel, said the Indian steel industry is simultaneously taking
several measures to reduce carbon emissions and contribute to the country’s
long-term net-zero objectives.
On the ongoing crisis
in West Asia, Jindal said wars were ultimately destructive and stressed the
importance of strengthening India’s energy security.
“Wars do not help anyone. These are very
destructive,” he said, adding that Prime Minister Narendra Modi has been
emphasising Atmanirbharata (self-reliance) in energy security.
While India remains
dependent on fuel imports, Jindal said the country has adequate sources of
energy domestically and that there is no shortage of energy resources. He added
that India was performing well on energy security compared with other major economies.
The outlook comes against the backdrop of robust growth in India’s steel production. According to official data, the country’s crude steel output rose by more than 10.7 per cent year-on-year to around 168.4 million tonnes in 2025-26, underscoring sustained momentum in industrial activity.
With infrastructure spending, industrial expansion and relatively low per-capita consumption providing room for further demand growth, India’s domestic market is set to remain an important pillar supporting the steel sector’s expansion towards the government’s 300-million-tonne production ambition by 2030.
