One of the primary forces behind industrialization has been the use of metals. Steel has traditionally occupied a top spot among metals. Steel production and consumption are frequently seen as measures of a country's economic development because it is both a raw material and an intermediary product. Therefore, it would not be an exaggeration to argue that the steel sector has always been at the forefront of industrial progress and that it is the foundation of any economy. The Indian steel industry is classified into three categories - major producers, main producers, and secondary producers.
India is the world’s second-largest producer of crude steel, with an output of 125.32 MT of crude steel and finished steel production of 121.29 MT in FY23.
India’s domestic steel demand is estimated to grow by 9-10% in FY25 as per ICRA.
India’s steel production is estimated to grow 4-7% to 123-127 MT in FY24.
The growth in the Indian steel sector has been driven by the domestic availability of raw materials such as iron ore and cost-effective labour.
Consequently, the steel sector has been a major contributor to India's manufacturing output.
The Indian steel industry is modern, with state-of-the-art steel mills. It has always strived for continuous modernisation of older plants and up-gradation to higher energy efficiency levels.
According to a Deloitte report the demand for steel in India is projected to grow significantly over the next decade, with annual growth rates expected to range from 5% to 7.3%.
(Source: https://www.ibef.org/industry/steel)