Steel sector's technology investment likely to hit $2.7 bn by 2030: FICCI-Deloitte Report
“The investments in process and digital technologies across the steel value chain in the country are expected to grow up to $2.7 billion by 2030,” according to a report.
“These investments will advance technological capabilities and drive progress toward a more efficient and sustainable mining and steel industry,” the FICCI-Deloitte Report said on Thursday (August 22, 2024.)
"The investment in process and digital technologies across the steel value chain in India is projected to increase from $1-1.2 billion in 2024 to $2.3-2.7 billion by 2030, excluding ERP upgrades," said the report on 'Automation, Digitalisation and Technology Integration for the Indian Mining and Steel sector'.
The year 2030 is significant for the domestic steel industry as the government's National Steel Policy 2017 aims to scale up India's installed steel-making capacity to 300 million tonne by 2030.
As per the report, the per capita steel consumption is anticipated to reach 160 kg by 2030 and around 220 kg by 2047. “Digital tools can help to enhance compliance with environmental regulations through better energy efficiency and emission monitoring,” it said.
“Furthermore, digital technologies offer the flexibility and scalability necessary to adapt to market changes, drive innovation, and improve worker safety,” the report noted. “Integrating digital technologies across the value chain can thus unlock transformative capabilities,” it said.
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Rajib Maitra, Partner, Deloitte India, said, "The Indian mining and steel sector is on a transformative path, spurred by innovations in AI and digital technologies. The operators, on the ground, face practical challenges such as integrating new systems with legacy infrastructures and managing the costs associated with technological upgrades."
Gajraj Singh Rathore, Co-Chair, FICCI Steel Committee said "By fostering a culture of innovation, tech adoption, digitalisation and partnerships, we can collectively shape a resilient, prosperous and sustainable future for all."