India saw a significant 29.1% increase in steel exports in March 2026 compared to the previous year, while imports dropped by 9.5%, showcasing the country’s growing self-reliance in the sector. This positive trend highlights India’s position as a dependable global steel supplier and its enhanced capability to meet domestic demands. The steel production in India also witnessed a robust 9.1% growth in the fiscal year 2025-26, further emphasizing the nation’s self-sufficiency in the industry.
India has solidified its status as a key exporter of iron and steel alloys, leading to higher foreign exchange earnings and an improved trade balance. The surge in exports aligns with the vision of a self-sustained industrial ecosystem under Atmanirbhar Bharat. The top destinations for India’s finished steel exports in March 2026 were Vietnam, Belgium, and Taiwan, collectively constituting over 50% of the total finished steel exports from India.
Moreover, the exports of finished steel surged by 35.80% in FY 2025-26 compared to the previous year, while imports plummeted by 46.47% during the same period. The government’s initiatives to enhance raw material availability, ensure global market access, and reduce import reliance have led to reduced production costs, fostering growth in the steel sector and supporting MSMEs and small steel producers.
Through the PLI scheme, India attracted an investment of Rs 23,022 crore to bolster specialty steel production and create jobs, resulting in 2.4 million tonnes of output and over 13,000 new employment opportunities. Specialty steel, a value-added product in the steel manufacturing process, is a focal point of the PLI Scheme, aiming to elevate domestic high-value steel production, enhance trade balance, and upgrade technology in the Indian steel industry.
Looking ahead, India’s focus on green steel aims to cut emissions by eliminating fossil fuel usage to reduce the carbon footprint. The country is committed to decarbonizing the sector and achieving net-zero emissions by 2070, showcasing a dedication to environmental sustainability and innovation.
