What is the current state of the steel industry, and what are the opportunities for growth, both domestically and internationally?
In the last 10-12 years, the steel sector in India has experienced significant growth, with production increasing by 75 per cent since 2008. It is projected that India’s domestic steel demand will continue to rise at an annual rate of 7.5 per cent, reaching 130 million tonnes (mt) in the current fiscal year. The Indian Steel Association (ISA) estimates that domestic steel demand reached 120 mt in fiscal year 2022-23. To fulfil the vision of Prime Minister Narendra Modi, the capacity needs to reach 300 million tonnes.
Looking ahead to 2023, the outlook for the Indian steel industry appears promising, as the country aims to become a US $5 trillion economy by 2030 or even sooner. Given this context, I believe our contribution will be significant, as our machinery products play a vital role in driving growth.
How do you anticipate emerging technologies, trends, and disruptive forces shaping the future of the steel industry, and how is the combined entity prepared to adapt and thrive in this evolving landscape?
In the ever-changing landscape of enterprise operations, emerging technologies have become commonplace, fundamentally transforming the way we conduct business in a digitally-driven world. These advancements in technology offer significant advantages, such as improved productivity, increased accessibility to services, and streamlined operations.
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