Steel sector, the backbone of India’s growth story, continues to strengthen its march towards domestic reliance. India became the world’s second-largest steel producer in 2018 and has retained this position since then. An official release has said that share of global crude steel production rose from 5.2 per cent in 2014 to 7.9 per cent in 2024. This reinforces India’s position as a competitive and expanding global player.
It added that the country is also the second largest consumer of finished steel as per the World Steel Association. India’s finished steel consumption has witnessed a significant rise from 77 million tonnes (MT) in 2014-15 to 163.7 MT in 2025-26. It said that the country is working towards achieving 500 MT of steel production capacity by 2047. At the same time, it is pursuing decarbonisation of the steel sector to meet net-zero emission intensity target by 2070.
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