New Delhi, Delhi, India
The seminar on Steel & Metals for the Defence Sector was effectively hosted by Metalogic PMS, the top Metals & Mining information company in India. The goal of the conference, which was set for Wednesday, July 31, 2024, at the Indian Habitat Center in New Delhi, was to draw attention to how important steel is to fulfilling India’s growing defense requirements.
Need to produce indigeneous defence materials for national security – Sh. Bandary Dattatraya, Hon’ble Governor of Haryana, Government of Haryana
Prominent dignitaries such as Sh. Bandaru Dattatraya, the Chief Guest of the event, Mr. S. K. Jha, CMD Midhani Limited, Mr. Vijay Sharma, Director Jindal Stainless Ltd., Sh. S V Chakravarthy, Director (Commercial), SAIL, and Sh. P V Raja Ram, Director (Production) with Additional charge of Director (Technical), Bharat Dynamics Limited presided over the event.
Mrs. Monica Bachchan Duvvuri, Founder & CEO of Metalogic PMS stated, “We are delighted to be the hosts of this conference, which seeks to highlight the important contributions made by the steel and metals industry to India’s defense sector. We intend to ignite fresh concepts and partnerships that will spur innovation and bolster our country’s defense capabilities by bringing together leaders and specialists in the industry.
The conversation during the event centred on the Indian defense sector’s growth trajectory and what the steel industry needs to do to support it in order to maintain national security and lessen dependency on imports.
The nation’s defense industry has begun to manufacture and export domestic products, and its yearly domestic defense production reached around Rs. 1.27 trillion in FY24—a 16.7% increase from Rs. 1.09 trillion the year before. Furthermore, the industry saw its highest-ever defense exports in 2023–2024, totaling $2.5 billion. This noteworthy achievement represents a 25% rise over the $2 billion recorded in FY23.
The industry still has issues with low domestic supply of input materials, which are needed to produce defense-specific goods like special alloy grade material and lightweight, high-tensile products, among other things. With 9.8% of all weapons purchases worldwide, India continues to be one of the top importers of defense and armaments. Throughout the event, new developments in steel fabrication technology, steel manufacturing, and steel light weighting were featured.
Regarding this, Sh. Bandaru Dattatraya stated that the Defence Ministry has set an aim of sourcing 70% of rifles and guns made in the country by FY2027, with the possibility of expanding the pathways for both large and small companies.
In closing, he said that this government program has replaced the importation of some defense-related hardware, such as small-range missiles, armored vehicles, and helicopters.
The biggest amount of any Ministry, Rs. 6,21,940.85 crore, was given to the Ministry of Defence (MoD) in the most recent Union Budget of FY25, which was revealed by Finance Minister Sh. Nirmala Sitharaman. The amount allotted to the MoD for FY 2024–25 is approximately Rs. one lakh crore (18.43%) more than that of FY 2022–2023 and 4.79% more than that of FY 2023–2024. The flourishing Indian steel industry helps the country become less dependent on imports for its steel needs.
Industry executives, decision-makers, and specialists will gather at this event to discuss the vital role that steel and metals play in enhancing India’s defense capabilities.
