India has established itself as a major player in the global steel industry, holding the position of the world's second-largest steel producer after China and the top producer of sponge iron. The country is also the third-largest consumer of finished steel globally, trailing only China and the United States. India's steel sector has shown remarkable growth, with production increasing by 8.5% year-on-year from January to April 2024, outperforming other top steel producers who experienced declines during the same period. Looking ahead, the National Steel Policy 2017 sets an ambitious target to nearly double India's steel production capacity from around 161 million tonnes to 300 million tonnes. The country's steel industry is supported by several equipment manufacturers, including Heavy Engineering Corporation, Larsen & Toubro, and CG Industrial Solutions, further strengthening its position in the global market.
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