India's Steel Production Soars: A Global Growth Leader
- Melissa Santañez
- Jun 4
- 1 min read
India's steel industry is on an impressive upward trajectory, solidifying its position as a global powerhouse. From 2019 to 2024, India's crude steel production surged by 33%, reaching 144.3 million tonnes in 2023-24, up from 109.4 million tonnes in 2019-20 . This growth is significantly higher than the global steel production decline of 1% during the same period .
Key Drivers of Growth
Infrastructure Expansion: The government's focus on infrastructure development has been a major catalyst, with steel consumption increasing by 13.7% from 101 million tonnes in 2019-20 to 137 million tonnes in 2023-24 .
Capacity Enhancement: India's steel production capacity has grown from 142.3 million tonnes in 2019-20 to 179.5 million tonnes in 2023-24, supporting the rise in production .
Global Standing: In 2024, India maintained its position as the world's second-largest steel producer, producing 149.6 million tonnes, a 6.3% increase from 2023 .
Future Outlook
Looking ahead, India aims to further bolster its steel industry:
Production Target: The government plans to increase steel production capacity to over 300 million tonnes by 2030, nearly doubling current levels .
Decarbonization Efforts: Recognizing the environmental impact, India is investing in cleaner steelmaking technologies to reduce emissions and align with global sustainability goals .
Sources: AP News, Times of India, The Economic Times
Comments