7 Amazing Points On the Indian Steel Industry
With a burgeoning economy, the Government of India strives to augment the capacity of the steel industry.
There’s no shortage of natural resources in India, and this lays a strong foundation for the growth of steel and other industries.
There are number of steel manufacturers in India, and the iron and steel industry in India is growing with time.
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Here are 7 facts on the Indian steel market scenario:
1) India to Become The Top Global Producer Of Steel
The Economic Times has cited BMI Research in an article which says that India is onto becoming the next top steel producer worldwide.
The article says that the rising demand for the construction, automotive, and infrastructure industries has been the main driver for the steel industry to rev up.
2) Projected Growth Of Steel Demand In India
As stated in the report “An Overview of Steel Sector” by the Ministry of Steel, the World Steel Association has predicted 6.1% and 7.1% growth in India’s steel demand during 2017 and 2018 respectively.
3) 3rd Largest Producer Of Steel
As of 2016, India was ranked 3rd in terms of steel producing capacity. Similarly, the country was 3rd largest consumer of finished steel in 2016.
4) STEEL PRODUCTION IN INDIA DURING 2016-17
During the period of 2016-17, the production of steel for the total finished steel totaled at 100.74 million tonnes, which was a 10.7% growth from 2015-16.
5) STEEL EXPORTS IN INDIA RISE WHILE IMPORT DECLINES
As of Feb 2017, steel export in India registered a growth of 150% while there was a plummet of 46% in steel import. According to The Times of India, the extensive support provided by the government to the domestic steel industries, including anti-dumping has fostered this growth.
6) THE GOVERNMENT HAS PROMISING PLANS FOR STEEL GROWTH
The Government of India plans a “Plus One Percent Growth Rate” to improve more on steel production and export while reducing imports – all by 1%.
7) STEEL-INTENSIVE INFRASTRUCTURE PROJECTS TO SPUR MORE GROWTH IN STEEL PRODUCTION AND CONSUMPTION
The Indian government has been focusing on steel-intensive infrastructure projects such as railways and ports which will increase steel consumption in the country.
8) IMPORTANCE OF CAPTIVE IRON ORE MINES
As per the industrialists’ view on captive power plant and iron ore mines, the integration of steel industry with captive iron ore mining should be prioritised for sustainable growth.
