India's Steel Sector Soars: Global Leadership, Innovation, Sustainability Drive Unprecedented Growth
India's steel sector continues to play a pivotal role in critical industries such as construction, infrastructure, automobile, engineering, and defence. Recent data reveals that the country has emerged as the 2nd largest global producer of steel, showcasing significant growth in the sector.
According to the union ministry of Steel, during the first eight months of the current fiscal year (April – November 2023), the domestic finished steel production reached 89.711 million tonnes, reflecting a substantial 14.3 per cent increase compared to the corresponding period last year.
Concurrently, domestic steel consumption rose to 87.066 million tonnes, marking a robust 14.9 per cent growth. Domestic crude steel production recorded a noteworthy growth of 14.7 per cent, reaching 94.114 million tonnes.
The period also witnessed an uptick in finished steel imports, rising from 3.751 million tonnes last year to 4.253 million tonnes this year, marking a growth of 13.4 per cent.
Production Linked Incentive (PLI) Scheme: The government's inclusion of 'Specialty Steel' in the PLI Scheme, with a financial outlay of Rs 6322 crore over five years, aims to boost manufacturing and technological advancements in the steel sector.
Nagarnar Integrated Steel Plant: NMDC's 3 MTPA capacity steel plant in Chhattisgarh became operational on 24 August 2023, contributing to the country's steel production.
Green Steel Making: Aligned with net-zero emission commitments, the Ministry of Steel has taken significant steps towards decarbonizing the sector, adopting global Best Available Technologies (BAT) in modernisation projects.
PM Gati Shakti National Master Plan: The integration of steel unit geolocations into the national master plan enhances planning for infrastructure development, including railways, waterways, highways, ports, and gas pipelines.
Steel Scrap Recycling Policy: The policy aims to establish metal scrapping centres for scientific processing and recycling of ferrous scrap. MSTC Limited, in joint venture with Mahindra Accelo, has set up eight vehicle scrapping centres.
The Ministry of Steel's commitment to sustainability is evident through initiatives like the National Green Mission for green hydrogen production, as well as the Steel Quality Control Order, which ensures the availability of quality steel by banning sub-standard products.
The Ministry encourages collaborative research and development projects to address climate change, waste utilisation, and resource efficiency. In FY 2023, four projects were approved with a total cost of Rs 360.48 lakhs.
The formulation of 25 common minimum Safety Guidelines for the Iron & Steel Sector, in line with global standards and ILO recommendations, underscores the commitment to ensuring a safe working environment for the workforce.
As the steel sector in India continues to grow, innovate, and adopt sustainable practices, it solidifies its position as a global force in steel production, contributing significantly to the nation's economic development.
