7 Amazing Facts on the Steel Landscape of India
Data derived from Indian Brand Equity Foundation
Steel is one of the most essential materials that support a nation’s economy. India, a developing country has its economy mostly dependent on the steel and construction sector because it generates the highest amount of revenue in the country.
The demand for steel comes from the infrastructure, consumer durables & automobiles industry.
The steel industries in India are classified based on the nature of the manufacturing companies of the nation.
- Integrated Steel Producers
- Secondary Producers
Here are 7 amazing facts on the Steel Industry of India:
- In the year 2018, the Indian Steel Industry occupied the second position as the Largest Steel Producer with a production of 106.5 MT.
- The crude steel & finished steel production of India rose to 103.13 MT and 104.98 MT in 2017-18, respectively.
- The country’s export increased 17 percent year-on-year to 9.62 million tones (MT) in the period 2017-2018.
- The Department for Promotion of Steel Industry and Internal Trade (DPIIT) released data stating that the Indian metallurgical industries attracted Foreign Direct Investments (FDI) to the tune of US$ 11.18 billion in the period April 2000–December 2018.
- The Indian Government has been trying to come up with initiatives towards reforming the sector for better benefits. An export duty of 30 percent has been levied on iron ore to ensure enough supply to domestic steel industry.
- India’s finished steel consumption grew at a CAGR of 5.69 per cent during FY08-FY18 to reach 90.68 MT.
- The forecast by the National Steel Policy 2017 says the production capacity of India will reach 300 million tonnes by 2030-31.
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