Industry Insight Report 2022

Contributing to more than 2% of the country’s GDP, employing more than 20 lakh people, dependence by a plethora of other industries and sectors, along with transforming the infrastructure dynamics of the country, the Steel Industry is certainly one of the core pillars of growth for the Indian economy.

Iron and Steel Industry is considered as the backbone of any economy as it is one of the principal drivers of industrialization and lays the foundation of economic progress. India is the second largest producer of steel (just behind China) and the largest producer of sponge iron in the world.

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. In addition, the development of industrial parks, industrial corridors, transmission towers and affordable housing, etc., are likely to further drive the demand for steel in the country.