India’s Steel Exports Surge 29.1% Owing to Rising Self-Reliance

New Delhi (IANS): India’s steel sector demonstrated a significant shift toward self-reliance in March 2026, with exports rising by 29.1% compared to the previous year. Simultaneously, imports saw a sharp decline of 9.5%, signalling the country’s growing capacity to meet domestic demand while serving as a reliable global supplier.

Production and Export Milestones

The financial year (FY) 2025-26 marked a period of robust industrial growth for the sector:

• Production Growth: Domestic steel production increased by 9.1% during FY 2025-26.
• Annual Export Surge: Finished steel exports grew by 35.80% over the full financial year.
• Import Reduction: Yearly imports plummeted by 46.47%, further strengthening the trade balance.
• Global Markets: In March 2026, Vietnam, Belgium, and Taiwan emerged as the top destinations, accounting for over 50% of India’s finished steel exports.

Strategic Initiatives and Specialty Steel

Government measures, including the Productivity Linked Incentive (PLI) Scheme, have been pivotal in moving the industry up the value chain:

• Investment Impact: A ₹23,022 crore investment under the PLI scheme supported specialty steel production, creating over 13,000 jobs and generating 2.4 million tonnes of output.
• Policy Targets: India has reached approximately 66% of the production targets set by the National Steel Policy.
• Value Addition: The focus on specialty steel aims to boost the production of high-value downstream products, improving export value realization and technological integration.

Sustainability and Future Outlook

The sector is also pivoting toward environmental responsibility:

• Green Steel: Future initiatives will focus on “green steel” to reduce carbon footprints by avoiding fossil fuels in the reduction process.
• Net-Zero Commitment: India remains committed to decarbonizing the steel industry with the goal of achieving net-zero emissions by 2070.