The finished steel production in India for 2022 was estimated to be less than 119 million metric tons of crude steel equivalent. Finished steel comprised of both alloy and non-alloy steel.
Investment and policy support
The central government launched the National Steel Policy 2017 to boost and support the domestic steel sector. Under this policy, domestically produced steel and iron products were given preference, and benefits were provided for domestic procurement of raw materials and various aspects were covered to facilitate new steel projects. The government also launched a steel import monitoring system that provided granular data which helped the government and market players to react to the dynamic market in a short time. Additionally, there was 100 percent FDI through the automatic route. Global players such as Nippon Steel Corporation and ArcelorMittal entered the Indian market by acquiring steel plants or entering joint ventures.
Research and technological innovation
To boost productivity, Indian steel players have started to benchmark their processes and facilities in comparison to their global peers. The Ministry of Steel not only directed companies to spend part of their revenue on technological innovation but has also created a task force for identifying the need for technological development and research. JSW Steel increased its research spending since fiscal year 2018. The same was the case with Tata Steel. In fiscal year 2022, the Tata subsidiary had over 1.4 thousand patents to its credit.
Production volume of finished steel in India from 2016 to 2022
(in million metric tons)
Characteristic
Production volume in million metric tons
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MOS (India). (April 8, 2023). Production volume of finished steel in India from 2016 to 2022 (in million metric tons) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/714291/india-production-volume-of-total-finished-steel/
MOS (India). "Production volume of finished steel in India from 2016 to 2022 (in million metric tons)." Chart. April 8, 2023. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/714291/india-production-volume-of-total-finished-steel/
MOS (India). (2023). Production volume of finished steel in India from 2016 to 2022 (in million metric tons). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/714291/india-production-volume-of-total-finished-steel/
MOS (India). "Production Volume of Finished Steel in India from 2016 to 2022 (in Million Metric Tons)." Statista, Statista Inc., 8 Apr 2023, https://www.statista.com/statistics/714291/india-production-volume-of-total-finished-steel/
MOS (India), Production volume of finished steel in India from 2016 to 2022 (in million metric tons) Statista, https://www.statista.com/statistics/714291/india-production-volume-of-total-finished-steel/ (last visited August 25, 2024)
Production volume of finished steel in India from 2016 to 2022 (in million metric tons) [Graph], MOS (India), April 8, 2023. [Online]. Available: https://www.statista.com/statistics/714291/india-production-volume-of-total-finished-steel/