India’s Steel Production and Export in FY 22

Faggan Singh Kulaste, Minister of State for Steel and Rural Development has announced that India exported 13.5 million tonnes (mt) of finished steel amounts to Rs 1 trillion, and has imported steel of about Rs 46000 crores.

Overview:

  • This impressive performance of the country’s steel sector has contributed to the all-time record of USD 420 billion worth of merchandise exports from India.
  • India’s steel sector has in terms of domestic steel production and external trade registered a record performance.
  • The country can better its performance in this sector.
  • The steel sector of the country is growing at a Compound annual growth rate (CAGR) of around 5 to 6 percent on a year-on-year basis.

Steel consumption of India

The all-time high steel consumption of India stood at around 106 million tonnes and production stood at 120 million tonnes. This shows the sector’s resilience and also displays the grit of the country’s steel players.

Production Linked Scheme in this sector

The Indian Government has brought the Production Linked Scheme (PLI) to this sector with the aim of producing specialty steel in India which can enhance the export sector.

Demand for Steel

In India, the demand for Steel has increased but the competition for steel with other materials has also increased over time. In many sectors such as white goods, automobiles, space, and railways, steel is being replaced due to its heaviness and cost by other materials like composite materials as they are stronger, cheaper, and lighter as compared to steel.

Month: 

Category: 

Topics: 

Latest E-Books

Comments