The steel sector plays a pivotal role in crucial sectors such as construction, infrastructure, automobile, engineering and defence.
Over the years, 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.
Production and Consumption
The production performance of the steel sector during the first eight months of the current fiscal year (April – November 2023) has been quite promising.
The domestic finished steel production stood at 89.711 million tonnes against 78.498 million tonnes during the corresponding period last year (CPLY) which is 14.3% higher than CPLY.
The domestic steel consumption stood at 87.066 million tonnes, which is 14.9% higher than CPLY of 75.765 million tonnes.
Domestic crude steel production was 94.114 million tonnes, with a growth of 14.7 % when compared to the production of 82.072 million tonnes in the same period last year.
Import and Export
During April – November 2023, finished steel imports increased from 3.751 million tonnes last year to 4.253 million tonnes in the current year, witnessing a growth of 13.4%.
Ministry of Steel’s Engagement with PM Gati Shakti National Master Plan
The Ministry of Steel has integrated BISAG-N’s capabilities into the PM Gati Shakti National Master Plan, uploading geolocations of more than 2000 steel units to gain insights into steel production facilities. This information will aid in planning railway line extension, inland waterways, highways, ports, and gas pipeline connectivity.
The Ministry has also mapped data of iron ore, manganese ore mines and Iron Ore Slurry Pipelines, allowing for better visibility and management of critical raw material sources.
The Ministry has identified 22 key infrastructure deficiencies that need to be addressed in collaboration with other ministries for comprehensive and integrated infrastructure development.
In addition, the Ministry of Steel has also onboarded Central Public Sector Enterprises (CPSE) members on PM Gati Shakti-National Master Plan.
The Ministry of Steel has been mandated to create Sectoral Plans for Efficient Logistics (SPEL) in line with the National Logistics Policy of 2022.
The initial draft Sectoral Plan for Efficient logistics plan (SPEL) was circulated among major steel producers and associations and it was made available in public domain, ensuring a well-informed strategy.
The suggestions received from stakeholders are being examined, and the finalized SPEL will be submitted to the Empowered Group of Secretaries through the Department for Promotion of Industry and Internal Trade.
