According to CareEdge Research, India's steel production and consumption grew by 5.7% and 11.5% respectively, during the first nine months, April to December. The agency estimates India's steel production to be in a range of 117-119 million tonnes (MT), up by 3.5% year on year in FY 23. The World Steel Association has projected the sector's growth in India at 6.1% in 2022 and 6.7% for 2023 in its short-range outlook. The per capita steel consumption in India is very low compared to the global average which has been 233 kg. The pace of growth of steel production has been lowered. GDP grew by 6.6 % in between 1990 to 2018 and steel production grew by 6% during this period. For the development of the steel industry mainly two broad things are required. One, suitable government policy and two, a large demand for steel is linked to several government projects associated with railways, roads, water supply, sanitation, and development of auto sectors. In this regard, the ongoing government initiative to emphasise infrastructure should increase the development of the steel sector.
Why in India per-capita consumption of steel is low?
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