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?
Bu hikaye BUSINESS ECONOMICS dergisinin April 01 - 30, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BUSINESS ECONOMICS dergisinin April 01 - 30, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Elections 2024: Illusion & Reality
Whenever there is an election, we find the politicians speaking in hyperboles – and possibly, 2024 Lok Sabha has reached a crest.
Government initiatives aim to bolster rubber cultivation and innovation
Rubber tree plantation has seen significant growth in India, thanks to robust government oversight and favorable weather conditions.
Macron speaks on Europe's economic fragility
Many heads of state often speak on topics over which they have little control or vested interest.
Indian industries stand to benefit in raising of tariff on Chinese imports to the US
A delicate balance of power and influence exists between the United States of America and China.
Chabahar Port Agreement: Part of India's strategic and economic vision for Central Asia and Europe
On May 13, India and Iran signed a 10-year contract to operate the Chabahar port in Iran.
It is quite incredible to see things of interest happen with the blessings of the divine trio
Swamiji once said, “The wind of divine grace is always blowing. You just need to spread your sail.
The battle for sustainability: Earth Day's message of 'Planet vs. Plastics
World Earth Day, observed annually on April 22 worldwide, commemorates contemporary environmental advancements and promotes awareness of the imperative to conserve Earth and its resources.
Mother Teresa International Award 2024: Celebrating Humanity and Service
The Mother Teresa International Award, a prestigious honor recognizing individuals dedicated to serving humanity, will host its 2024 ceremony in Dubai, United Arab Emirates.
Can India get out of the middle income trap?
In the mid-1980s, international financial institutions moved away from calling their member countries as poor and rich countries, or as developed and less developed countries.
How is India's falling household savings rate worrisome for its development?
There has been a sharp reduction in the household net financial savings rate in 2022-23, leading to an overall decline in the financial savings rate.
