STEEL INDUSTRY: GROWTH AND PROSPECTS
- Credit Rating Agency in India
- Industry Report
- STEEL INDUSTRY: GROWTH AND PROSPECTS
The steel industry contributes around 2 per cent to India’s GDP and employs around 5 lakh of the total workforce directly and 20 lakh indirectly. India was the 2nd largest producer of crude steel in the world in 2021. The production capacity of the steel industry has expanded rapidly over the past few years, growing at a compound annual growth rate (CAGR) of 6.1 per cent from 90.87MT in FY 2012 to 137.97 MT in FY 2019. The National Steel Policy 2017 is striving to achieve 300 MT of crude steel production capacity by 2030 and production of 255 MT and a robust finished steel per capita consumption of 158 Kgs by 2030-31, as against the current consumption of 61 Kgs. The policy envisages to domestically meet the entire demand of steel and high-grade automotive steel, electrical steel, special steel, and alloys for strategic applications.