NEW DELHI — India’s steel exports rose sharply in March, while imports declined, signaling stronger domestic production and reduced reliance on overseas suppliers, according to an official statement released Tuesday.
Steel exports increased 29.1% in March 2026 compared with the same month a year earlier. Imports fell 9.5% during the same period.
The government said the shift reflects India’s growing self-reliance in steel and its expanding role as a reliable global supplier. The increase also comes as domestic production continues to rise to meet demand at home and abroad.
India’s steel production grew 9.1% in the 2025-26 financial year from the previous year. Exports of finished steel increased 35.8% during the year, while imports declined 46.47%.
Vietnam, Belgium and Taiwan were the top destinations for India’s finished steel exports in March 2026. Together, the three markets accounted for more than half of India’s total finished steel exports.
The government said rising exports of steel and related products are helping boost foreign exchange earnings and improve the trade balance. Officials also linked the gains to the broader Atmanirbhar Bharat initiative, which aims to strengthen domestic manufacturing and reduce import dependence.
Several policy measures have been introduced to improve raw material availability, expand access to global markets and support smaller steel producers. The government said those steps have helped lower production costs and support growth across the steel industry, including among MSMEs.
India’s production-linked incentive scheme for specialty steel has supported 23,022 crore rupees in investment, 2.4 million metric tons of output and more than 13,000 new jobs.
Specialty steel, a value-added downstream product, is one of the 14 sectors covered under the PLI program. The government said the initiative is designed to increase domestic production of higher-value steel, improve export value and help the industry move up the technology and manufacturing chain.
India has achieved about 66% of its National Steel Policy production target, according to the statement.
The government also said green steel will be a priority as the sector works to reduce emissions by limiting the use of fossil fuels. India has committed to reaching net-zero emissions by 2070. (Source: IANS)
