India’s crude steel production has increased by 35 million tons in the last five years

India’s crude steel production has increased by 35 million tons in the last five years, thanks to positive policies and the government’s push for infrastructure development. According to Minister of State for Heavy Industries Bhupathi Raju Srinivasa Varma, crude steel production in 2023-24 is expected to rise from 109.14 million tons in 2019-20 to 144.30 million tons.

While finished steel exports from India increased from 8.35 million tons in 2019-20 to 13.49 million tons in 2021-22, they fell to 7.48 million tons in 2023-24. However, exports to the European Union have increased significantly from 1.8 million tons in 2019-20 to 4.03 million tons in 2023-24.

With India’s crude steel capacity expected to reach 300 million tons by 2030-31, the government has taken several initiatives to spur growth. These include a policy to promote steel produced in India and policies such as extending duty exemptions on scrap until March 31, 2024.

India’s per capita final steel consumption stood at 95.2 kilograms in 2023, significantly lower than the global average of 219 kilograms. The Ministry of Steel has launched new projects to increase steel use in rural areas and has focused on structural steel use in residential buildings.

The government is promoting new technologies in its efforts to decarbonize the steel industry. The Ministry of New and Renewable Energy (MNRE) has launched the National Green Hydrogen Mission, allocating Rs 455 million (approximately USD 55 million) to promote the use of green hydrogen in steelmaking. Additionally, 14 task forces have been formed with the participation of experts, academics, and other stakeholders to explore strategies to reduce carbon emissions.