India’s steel sector has continued its robust growth trajectory, playing a pivotal role in vital sectors such as construction, infrastructure, automobile, engineering, and defense. As of the first eight months of the current fiscal year (April – November 2023), the country stands as the second-largest producer of steel globally, reinforcing its position as a major player in the industry.
The latest statistics reveal an impressive performance in the steel sector, with domestic finished steel production reaching 89.711 million tonnes during the aforementioned period. This marks a substantial increase of 14.3% compared to the corresponding period last year (CPLY), where production stood at 78.498 million tonnes. The momentum in production is reflective of India’s commitment to sustaining and enhancing its industrial capabilities.
Notably, domestic steel consumption also experienced a significant upswing, reaching 87.066 million tonnes, showcasing a substantial growth of 14.9% compared to the CPLY figure of 75.765 million tonnes. This surge in consumption underscores the integral role that steel plays in various sectors driving economic development and progress.
Despite the commendable domestic production, the steel sector has also witnessed an uptick in finished steel imports, rising from 3.751 million tonnes in the previous year to 4.253 million tonnes in the current fiscal year. This increase, totaling 13.4%, suggests a growing demand for steel products, both domestically and internationally.
Industry experts attribute this robust growth to various factors, including increased investments in infrastructure projects, a booming automobile sector, and a growing emphasis on defense and engineering. The steel sector’s resilience and ability to adapt to evolving market dynamics position India as a global force in steel production.