Metalogic PMS, India's leading metals and mining intelligence firm, successfully hosted a pioneering conference on steel and metals for the defence sector. Held on July 31, 2024, at the Indian Habitat Centre in New Delhi, the event underscored the critical role of steel in meeting India's growing defence needs.

The conference featured esteemed dignitaries, including Bandaru Dattatraya, Governor of Haryana, who served as the Chief Guest. Other notable attendees included S.K. Jha, CMD of Midhani Limited; Vijay Sharma, Director, Jindal Stainless Ltd.; S.V. Chakravarthy, Director (Commercial), SAIL; and P.V. Raja Ram, Director (Production) with additional charge of Director (Technical), Bharat Dynamics Limited.

Monica Bachchan Duvvuri, Founder & CEO, Metalogic PMS, expressed her enthusiasm, stating, "We are thrilled to host this conference, which aims to highlight the significant contributions of the steel and metals industry to India's defence sector. By bringing together industry leaders and experts, we hope to spark new ideas and collaborations that will drive innovation and strengthen our nation's defence capabilities."

Discussions during the event focused on the growth trajectory of India's defence sector and its demands from the steel industry to ensure national security and reduce reliance on imports.

The country's defence sector has shown impressive progress, with annual domestic defence production reaching nearly Rs 1.27 trillion in FY24, a 16.7% rise from Rs 1.09 trillion in the previous fiscal year. Additionally, the sector recorded its highest-ever defence exports, reaching $2.5 billion in FY24, a 25% increase from $2 billion in FY23. 

However, challenges remain, such as the inadequate domestic availability of input materials required for producing defence-specific products like special alloy grade materials and lightweight, high-tensile products. Despite these advancements, India remains one of the largest importers of defence and arms, accounting for 9.8 % of global arms sales.

The conference highlighted recent advances in steel manufacturing, fabrication technologies, and the lightweighting of steel. Bandaru Dattatraya noted that the Defence Ministry has set a target of sourcing 70% of arms and guns from indigenous materials by FY2027, creating opportunities for both small and large-scale players. He emphasized that the Defence Ministry has provided a level playing field for domestic manufacturers by planning an import substitution model, which has already led to the substitution of imports for several defence-related equipment, including helicopters, ATVs, and small-range missiles.

In the recent Union Budget for FY25, Finance Minister Nirmala Sitharaman allocated Rs 6,219.40 billion to the Ministry of Defence (MoD), the highest allocation among the ministries. This allocation is approximately Rs 1 trillion (18.43%) higher than the FY23 allocation and 4.79% more than the FY24 allocation.

The Indian steel industry is striving to meet the defence sector's needs and reduce import reliance. This event aimed to bring together industry leaders, policymakers, and experts to explore the critical role of steel and metals in strengthening India's defence capabilities.

(Source: ANI)