In the year 2017, India was the world’s third-largest steel producer and consumer. The growth of the Indian steel industry is because of the surplus availability of raw materials like iron-ore and the easy availability of cost-effective labor. Therefore, the steel industry has become a significant manufacturing output in India.
The Indian steel industry has always strived to be alongside with the latest modern technologies and techniques. It has modern state-of-the-art steel mills. The older steel plants are undergoing a continuous upgrade to deliver efficiently.
According to World Steel, “The demand for steel in India will grow by 7.3% in 2019.”
World Steel expects that the growth in demand for steel in India will remain sturdy, as the Indian economy is still recovering from the two significant change i.e. demonetization and the implementation of GST (Goods and Services Tax). Indeed, the growth and demand for steel are going to be robust in the coming fiscal year.
Upcoming Scope of Steel Industry in India
- It is expected that soon India will overtake Japan and become the world’s second largest steel producer.
- The National Steel Policy has envisioned that India will be able to produce 300 million tonne of steel by 2020-2030.
- A per an estimate, by 2019, India will surpass the USA and become the world’s second-largest steel consumer.
An EndNote
There are many industries and sectors where steel is an important component, for instance, road and railway development, modern construction & infrastructure, vehicles, and appliances etc. Steel also plays a pivotal role in power generation and petrochemicals. Thus, the steel industry will experience an exponential rise in the coming years.
