India is 3rd largest steel producer in the world

Under the leadership of PM Narendra Modi the steel sector in the country has made rapid strides   says Secretary Steel Aruna Sharma.

Steel sector is a crucial building block of the modern world. From construction, industrial machinery to consumer products, steel finds a wide variety of applications. Steel sector is of strategic importance to any industrial nation. The growth of the steel sector stimulates; as well as reflects the growth of a country's GDP.

Indian steel industry with its strong forward and backward linkages contributes significantly to the overall growth and development of the economy. It contributes around 2% to India’s national GDP and provides direct and indirect employment to a large section of the population.

In the last four years, Indian steel sector has come out of crisis phase and has made its mark as the 3rdlargest steel producer in the world, owing to the enabling environment created by many proactive steps taken by the Government like rolling out of flagship policies viz. NSP 2017 and DMI&SP policy; Amendment to GFR in 2017 for including life cycle cost analysis clause in all government procurement tenders and timely implementation of trade remedial measures viz. MIP, ADD, CVD and SGD to curb unfairly traded cheap imports.

Production of crude steel has increased to 102 MT in FY 2018 from a level of 81 MT in FY 14 and India is very close to emerge as the 2nd largest producer, replacing Japan. In 2017, for the first time, Indian steel industry reached a three-figure annual steel production. Per capita consumption of steel in the country has also increased from 58 kg in 2014 to about 69 kg in March 2018.