According to the report, per capita steel consumption is expected to reach 160 kg in 2030 and around 220 kg in 2047. | Photo: Bloomberg
Investments in process and digital technologies across the steel value chain in the country are expected to grow to $2.7 billion by 2030, according to a report.
These investments will enhance technological capabilities and drive progress towards a more efficient and sustainable mining and steel industry, the FICCI-Deloitte Report noted on Thursday.
“Investment in digital processes and 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 in 2030, excluding ERP upgrades,” the report on ‘Automation, Digitalisation and Technology Integration for India’s Mining and Steel Sector’ said.
The year 2030 is an important one for the domestic steel industry as the government’s National Steel Policy 2017 aims to increase India’s installed steel production capacity to 300 million tonnes by 2030.
According to the report, per capita steel consumption is projected to reach 160 kg in 2030 and around 220 kg in 2047.
Digital tools can help improve compliance with environmental regulations through better energy efficiency and emissions monitoring, he said.
In addition, digital technologies offer the flexibility and scalability to adapt to market changes, drive innovation and improve worker safety, the report noted.
In this way, the integration of digital technologies along the value chain can unleash transformative capabilities, he said.
Rajib Maitra, Partner, Deloitte India, said: “India’s mining and steel sector is on a transformational path, driven by innovations in artificial intelligence and digital technologies. Operators on the ground are faced with practical challenges such as integrating new systems with legacy infrastructure and managing costs associated with technology upgrades.”
Gajraj Singh Rathore, Co-Chairman, FICCI Steel Committee, said, “By fostering a culture of innovation, technology adoption, digitalisation and partnerships, we can collectively shape a resilient, prosperous and sustainable future for all.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 22, 2024 | 16:19 IS
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