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 state that the steel sector has always been at the forefront of industrial progress and it is the foundation of any economy.
As of 2024, India is the world's second-largest producer of crude steel with a production capacity of 179 MT. For April-October 2024, India's crude steel production stood at 85.40 million tonnes, while finished steel production was 82.81 million tonnes. The total steel consumption during this period reached 85.70 million tonnes, reflecting strong demand across various sectors. On the trade front, steel exports were recorded at 2.753 million tonnes, whereas imports stood significantly higher at 5.768 million tonnes. Consequently, the steel sector has been a major contributor to India’s manufacturing output.
The industry’s growth, particularly between 2019 and 2024, has been notable. During this period, India's steel output expanded at an impressive 6% compound annual growth rate (CAGR), significantly outpacing China’s 1% and outshining global steel production, which saw a 1% decline.