Events and Updates

Title: Steel production to hit 128.6 MT by 2021: Survey

Posted on: 5th July 2019

Crude steel production in 2018-19 stood at 106.56 MT, a growth 3.3 per cent over 103.13 MT in 2017-18, said the Survey, tabled by Finance Minister Nirmala Sitharaman in Parliament on Thursday.

New Delhi: The government has estimated the country's steel output to hit 128.6 million tonne (MT) by 2021 and consumption of the same to reach 140 MT by 2023, on the back of investments in infrastructure, construction and automobile sectors, according to the Economic Survey 2018-19.

Crude steel production in 2018-19 stood at 106.56 MT, a growth 3.3 per cent over 103.13 MT in 2017-18, said the Survey, tabled by Finance Minister Nirmala Sitharaman in Parliament on Thursday. 

Currently, India's per-capita consumption stands at only 69 kg, compared with the global average of 214 kg, it said. 

"It is estimated that the steel production in India will reach 128.6 MT by 2021 and its consumption will increase to 140 MT by 2023. 

"With huge investments in infrastructure, construction and automobile sector, steel demand and corresponding consumption is growing at an average of 7.4 per cent. This will lead steel production to go up to 255 million tonnes by 2030 and per capita steel consumption to 160 kg," it said. 

Under the National Steel Policy 2017, the government aims to ramp up steel-making capacity to 300 MT, while production at 255 MT and consumption to 160 kg by 2030. 

The Survey said the policy gives broad policy directives to the industry for encouraging long-term growth for Indian steel on both supply and demand fronts. 

It said the policy envisages focus on domestic production especially of value-added steel in order to meet the growing demand, while adding there is a need for investment in capacity addition and infusion of modern technology for production.