New Delhi (IANS) India’s exports of steel rose by 29.1 per cent in March 2026 compared to the same month of the previous year, while imports declined sharply by 9.5 per cent, reflecting the increasing self-reliance in the sector, according to an official statement issued on Tuesday.

The positive shift underscores India’s emergence as a reliable global steel supplier. It also demonstrates the country’s improved ability to meet rising domestic demand.

India’s steel production registered a robust 9.1 per cent growth in the financial year 2025-26 compared to the same period last year, reflecting the increasing self-reliance in the sector.

India has also established itself as a leading exporter of iron and steel alloys. Rising exports of steel and related products contribute to higher foreign exchange earnings. This, in turn, helps improve the trade balance. It supports the broader vision of a self-sustained and resilient industrial ecosystem under Atmanirbhar Bharat, the statement said.

The top destinations for India’s finished steel exports in March 2026 were Vietnam, Belgium, and Taiwan. Together, they comprise more than 50 per cent of India’s total finished steel exports.

Besides, exports of finished steel increased by 35.80 per cent in FY 2025–26 compared to the same period last year. Meanwhile, imports declined by 46.47 per cent during the same period.

The government has implemented several measures to strengthen raw material availability, ensure global market access, and reduce import dependence. These steps have lowered production costs, driven growth in the steel industry, and supported MSMEs and small steel producers.

Under the PLI scheme, Rs 23,022 crore investment supported specialty steel production and job creation. This resulted in 2.4 million tonnes of output and over 13,000 new jobs. India has achieved about 66 per cent of its National Steel Policy production target.

Specialty steel is the downstream, value-added product of the steel manufacturing process. It is one of the 14 sectors covered under the PLI Scheme, which aims to boost domestic production of high-value steel. It will improve the trade balance and raise export value realisation. It will also help the Indian steel industry upgrade technology and move up the value chain, the statement said.

Going forward, green steel aims to reduce emissions by avoiding the use of fossil fuels to reduce the carbon footprint. India is also committed to decarbonising the sector and achieving net-zero emissions by 2070, the statement added.

–IANS