Advantage India
Robust
Demand
* India’s finished steel consumption is anticipated to increase to 230 MT by 2030-31 from 119.17 MT in FY23.
* India is the world’s second-largest producer of crude steel, with an output of 125.32 MT of crude steel and finished steel production of 121.29 MT in FY23.
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.
Policy
support
* In October 2021, the government announced guidelines for the approved specialty steel production-linked incentive (PLI) scheme.
* 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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