India is the third-largest crude steel producer in the world. In FY17, India produced 111.254 million tonnes (MT) of finished steel. Total finished steel production in the country increased at a CAGR of 8.39 per cent over FY12-17. Crude Steel and Finished Steel production during April-February 2017-18 stood at 93.183 MT and 95.319 MT, respectively.
Driven by rising infrastructure development and growing demand for automotives, steel consumption is expected to reach 104 MT by 2017. India’s steel production is expected to increase from 97.42 MT in FY17 to 128.6 MT by 2021. The Government of India has allowed 100 per cent foreign direct investment (FDI) in the steel sector under the automatic route. Nearly 301 MoUs have been signed with various states for planned capacity of about 486.7 MT.
India’s per capita consumption of steel grew at a CAGR of 4.75 per cent from 45 kgs in FY09 to 65.25 kgs in FY17. The figure stood at 68 kgs during April-February 2017-18. National Steel Policy 2017 seeks to increase per capita steel consumption to the level of 160 kgs.
Note: kg - kilograms