Dr VK Saraswat, Member, NITI Aayog has stressed on the need for technology and innovation in the steel sector. “Technology and innovation are the need of the hour as through this we will be able to manage the competitiveness and minimize the environmental impact,” he added.
Addressing the webinar ‘Steel Technology & Innovations – Increasing Productivity & Technology Quotient’, organised by FICCI, Dr Saraswat said that digital technologies are important to improve the efficiency and output of Indian steel sector. “Digital revolution certainly has to be harnessed. Digital technologies are changing the world and improving the way organisations work. Steel and Metal manufacturers have a huge opportunity to transform their operational models by adopting digital technologies and enabling them to improve operational efficiency, customer service, inventory levels and profit margins,” he added.
In the digital transformation, he said four levels are key – digital data, automation, connectivity and digital customer access which are crucial for effectively implementing the digitalization process.
Speaking on the National Steel Policy, Dr Saraswat stated that the policy was created to enable the creation of a self-sufficient steel industry that is technologically advanced along with becoming globally competitive and promote inclusive growth. The policy also envisages a per capita consumption increase to 160 kg by 2030 against 74 kg currently, he noted.