Indian steel industries’ investment in digital and process technology is forecast to touch $2.70 billion by 2030, according to a report of industry body, Federation of Indian Chambers of Commerce and Industry (FICCI) and consultant Deloitte on Tuesday, August 27.
The report, titled “Automation, Digitalisation and Technology Integration for the Indian Mining and Steel Sector,” highlights the increasing focus on technology to drive efficiency and sustainability in the sector.
According to the report, investment in these technologies is set to grow from $1-1.2 billion in 2024 to between $2.3 and $2.7 billion by 2030. This excludes enterprise resource planning (ERP) upgrades.
The report also forecasts an increase in per capita steel consumption to 160 kg by 2030 and around 220 kg by 2047.
“The Indian mining and steel sector is undergoing a transformative phase, driven by innovations in AI and digital technologies. Challenges such as integrating new systems with existing infrastructures and managing technological upgrade costs are key considerations for operators,” Rajib Maitra, partner, Deloitte India said.
Digital tools are expected to enhance compliance with environmental regulations by improving energy efficiency and emission monitoring. These advancements offer flexibility, scalability, and the potential to drive innovation while improving worker safety, the report said.
