New Delhi, Feb. 17 -- India's crude steel capacity must grow at a compounded annual growth rate of 8 per cent to meet the government steel target of 300 million metric tonnes (mn MT) by 2030, according to a report by HDFC Securities.

The report highlighted that at the end of the financial year 2023-24 (FY24), India's crude steel capacity stood at 180 mn MT, reflecting an 11 per cent year-on-year (YoY) increase.

It said, "The Indian crude steel capacity was 180mn MT at FY24-end, up 11 per cent YoY. Ministry of Steel targets to increase it to 300mn MT by 2030 and 500mn MT by 2047. To achieve this target, 8 per cent capacity CAGR will be required by 2030".

The report highlighted that crude steel production in India grew at a CAGR of 5 per...