THE EVOLUTION AND FUTURE OF INDIA’S STEEL INDUSTRY: A PILLAR OF ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT

Abstract

India's steel industry has evolved to become the world's second-largest producer after China, with a significant annual production of 140.2 million tonnes in 2023, accounting for approximately 6.5% of global production. The industry's rapid growth has been fueled by major investments in both public and private steel companies and driven by increased per capita steel consumption and expanding urbanization, is crucial to India's economic development. Government policies such as the National Steel Policy (NSP) 2017 and the Production Linked Incentive (PLI) scheme have played pivotal roles in enhancing production capacity and fostering innovation in green technologies aimed to achieve production capacity to 300 million tons by 2030, positioning India as a global leader in steel production. The industry's competitive edge lies in its access to high-quality raw materials, a dynamic workforce, and technological advancements like Industry 4.0 and automation. The steel industry’s importance is set to rise, underpinning the infrastructure needs of a growing economy and continuing its essential contribution to India's economic resilience.