This significant increase reflects the resilience and growth of India's steel manufacturing sector, contributing substantially to the country's industrial landscape. Noteworthy points include a commendable 13% year-on-year growth in the production of IF-EAF (Induction Furnace-Electric Arc Furnace) steel, indicating a robust performance in the steel sector.
The domestic generation of scrap, a crucial component in steel production, was impacted due to a crackdown on the Goods and Services Tax (GST), influencing the overall dynamics of the industry. However, India's steel sector experienced a remarkable surge in exports, witnessing a growth of over 30% year-on-year.
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