India's crude steel output is expected to soar by 38 per cent to 140 million tonnes (MT) by the end of this year, Chaudhary Birender Singh said.
Domestic is likely to be 140 MT in this year, Singh told PTI.
The minister has earlier asked the industry to make full use of the resources available in the country to increase steel output.
India outstripped Asian industrial giant Japan to become the second largest steel producer in February as its crude steel output grew by 3.43 per cent to 8.434 million tonnes (MT) in the month against 8.296 MT of the latter.
According to global steel body Worldsteel, China occupies the top global position as far as steel production is concerned.
Under the National Steel Policy (NSP), the government has set a production target of 300 MT by 2030-31.
The NSP also aims at more than doubling the per capita steel consumption to 158 kg by 2030-31, from 70 kg at present.