India's steel sector's tech investment likely to hit $2.7 bn by 2030: Report

investments in process and digital technologies across steel value chain in country are expected to grow up to $2.7 billion by 2030, according to a report.

se investments will vance technological capabilities and drive progress toward a more efficient and sustainable mining and steel industry, FICCI-Deloitte Report said on Thursday.

" investment in process and digital technologies across 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 upgres," said report on 'Automation, Digitalisation and Technology Integration for Indian Mining and Steel sector'.

year 2030 is significant for domestic steel industry as government's National Steel Policy 2017 aims to scale up India's installed steel-making capacity to 300 million tonne by 2030.

As per report, 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.

Furrmore, digital technologies offer flexibility and scalability necessary to apt to market changes, drive innovation, and improve worker safety, report noted.

Integrating digital technologies across value chain can thus unlock transformative capabilities, it said.

Rajib Maitra, Partner, Deloitte India, said, " Indian mining and steel sector is on a transformative path, spurred by innovations in AI and digital technologies. operators, on ground, face practical challenges like integrating new systems with legacy infrastructures and managing costs associated with technological upgres."

Gajraj Singh Rathore, Co-Chair, FICCI Steel Committee said "By fostering a culture of innovation, tech option, digitalisation and partnerships, we can collectively shape a resilient, prosperous and sustainable future for all."