A Pioneering Conference on Steel and Metals for India’s Defense Sector is Hosted by Metalogic PMS

National security requires the production of indigenous defense materials, according to Hon. Haryana Governor Sh. Bandary Dattatraya and the Haryana government.

The conference on Steel & Metals for Defence Sector was effectively held by Metalogic PMS, the top Metals & Mining information business 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.

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.

“We are thrilled to host this conference, which aims to highlight the significant contributions of the steel and metals industry to India’s defense sector,” said Mrs. Monica Bachchan Duvvuri, Founder & CEO of Metalogic PMS. 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 sector.

The conversation during the event centred on the Indian defense sector’s growth trajectory and what the steel industry has 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 confronts difficulties, though, such as a lack of local raw materials needed to produce defense-specific goods including light-weight, high-tensile products and special alloy grade material. 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 production, and steel light weighting were featured.

Regarding this, Sh. Bandaru Dattatraya stated that the Defence Ministry has set a target of sourcing 70% of armaments and firearms made in the country by FY2027, with the prospect of expanding the pathways for both major and small companies. He went on to say that by developing an import substitution model, the Defense Ministry has given home producers of about 101 weapons and ammunition fair playing fields.

In closing, he said that this government program has replaced the importation of some defense-related hardware, including 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 about 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.

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.

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