Advantage India
Robust
Demand
*India’s finished steel consumption stood at 119.17 MT in FY23 and 138.5 MT in FY24.
*The Indian Steel Association (ISA) anticipates that the steel requirement will reach 128.9 MT in the 2023-24 period, showing an increase from 119.9 MT in the preceding year.
*India’s domestic steel demand is estimated to grow by 9-10% in FY25 as per ICRA.
Increasing
investments
*The industry is witnessing consolidation of players, which has led to investment by entities from other sectors. The ongoing consolidation also presents an opportunity to global players to enter the Indian market.
*PLI short-listed companies are expected to invest US$ 1.2 billion (Rs. 10,000 crore) in specialty steel-making next year and nearly US$ 1.9 billion (Rs. 16,000 crore) by FY24-end.
Policy
support
*In February 2024, The government has implemented various measures to promote self-reliance in the steel industry.
*Under the Union Budget 2023-24, the government allocated Rs. 70.15 crore (US$ 8.6 million) to the Ministry of Steel.
Competitive
Advantage
*India’s steel production is estimated to grow 4-7% to 123-127 MT in FY24.
*Easy availability of low-cost manpower and presence of abundant iron ore reserves make India competitive in the global set up.
*India is home to fifth-highest reserves of iron ore in the world.
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