India’s Steel Sector : 2nd Largest Producer
The Steel Sector has witnessed tremendous growth and India has emerged as a global force in steel production and the 2nd largest producer of steel in the world after China.
- India’s steel output has been 125.32 million tonnes (MT) of crude steel and 121.29 MT of finished steel production in FY23.
- Steel is one of the widely used materials all over the world. The iron and steel industry is the bottom line producer industry.
- The steel industry plays a pivotal role in crucial sectors such as construction, infrastructure, automobile, engineering, and defense.
- Steel is a key sector for the Indian economy (responsible for 2% of the country’s GDP in FY 21-22).
- India’s major steel-producing states include Odisha, which leads among all steel producing states, followed by Jharkhand and Chhattisgarh. Karnataka, Maharashtra, Gujarat, and West Bengal also play crucial roles.