India steel consumption projected to reach 192 million tonnes by 2030

India’s steel consumption is projected to reach 192 million tonnes by 2030, growing from 149 million tonnes in FY25 at a compound annual growth rate of approximately 6-7 per cent. According to a report by the Multi Commodity Exchange of India Limited, growth will be driven by infrastructure and construction, which currently account for 59 per cent of consumption and are expected to reach up to 63 per cent by 2030.

The industry is shifting focus toward higher-value specialty steel for sectors such as electric vehicles and renewables. The government’s Production-Linked Incentive scheme is supporting this transition with over Rs 55,000 crore in committed investments. Additionally, there is an increasing emphasis on reducing carbon intensity in steelmaking to meet net-zero ambitions.

In Chhattisgarh, Chief Minister Vishnu Deo Sai announced a target to increase the state’s steel production capacity from 28 million tonnes to 45 million tonnes. The state aims to position itself as a major hub for green steel production, leveraging its mineral resources, industrial base, and new industrial policies to support this expansion.