HomeSteel & CommoditiesIndia to be epicentre of global steel growth: Scindia

India to be epicentre of global steel growth: Scindia

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Finished steel production increased by over 6%

A three-day conference and exhibition on the steel industry named ‘India Steel 2023’ was held in Mumbai recently.

In a video message, Union Minister for Civil Aviation and Steel Jyotiraditya M. Scindia stated, that in the last decade, steel production in India has steadily grown by 6% and added that Global steel experts have predicted that India is going to be the epicentre of growth of the global steel growth. India’s finished steel production has increased by over 6%, whereas globally steel production declined by 4.2% in calendar year 2022, he added.

“We have already emerged as the second largest steel producer in the world and our per capita steel production has gone up from 57 kilos to 78 kilos total during the last 9 years”. He stated that the Steel Ministry has recently signed 57 MoUs with 27 companies for speciality steel under PLI scheme.

The PLI scheme, which is expected to generate an investment of about Rs 30,000 crores and create additional capacity of about 25 million tonnes of speciality steel in the next five years, will act as a multiplier and create 60,000+ jobs in the Amrit Kaal and contribute towards achieving the goal of becoming the third largest economy of the world by the year 2030-31.

The Union Minister further stated that Steel Ministry is also taking appropriate steps to make the steel sector, more green and sustainable in line with the Prime Minister’s emphasis on producing green Steel.

Speaking on the occasion, MoS (Steel) Faggan Singh Kulaste said that India’s Steel consumption has grown over 11% to 119 million tonnes in FY 2023 from 105 million tonnes in FY 2022. “We may expect the steel consumption including exports will be around 132 MT to 135MT  in FY 2024”, he said. The conference was inaugurated by Union Minister of State for Steel and Rural Development Faggan Singh Kulaste.

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