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4-January-2024-Special-Article

January 4 @ 7:00 am - 11:30 pm

INDIA’S STEEL SECTOR RECORDS REMARKABLE GROWTH, EMERGES AS THE 2ND LARGEST GLOBAL PRODUCER

The Steel Sector in India has witnessed remarkable growth over the years, solidifying the nation’s position as the second-largest steel producer globally. This sector’s significance extends beyond mere production figures, influencing key industries like construction, infrastructure, automobile, engineering, and defense. India’s steel output has reached impressive figures, with 125.32 million tonnes of crude steel and 121.29 million tonnes of finished steel production in FY23.

State of Steel Sector in India:

Present Scenario:

  • India’s annual steel production stands at 125.32 MT of crude steel and 121.29 MT of finished steel in FY23.

Significance:

  • Steel is a fundamental material globally, and the iron and steel industry is foundational to various sectors.
  • The steel industry is pivotal for India’s economy, contributing 2% to the GDP in FY 21-22.

Producing States:

  • Major steel-producing states include Odisha, Jharkhand, Chhattisgarh, Karnataka, Maharashtra, Gujarat, and West Bengal.

Government Initiatives for Steel Sector Growth:

Inclusion of Specialty Steel in PLI Scheme:

  • An approved Rs 6322 crore outlay for five years aims to promote specialty steel manufacturing, attract investments, and foster technological advancements.

Green Steel Making:

  • 13 Task Forces have been constituted to explore decarbonization of the steel sector.
  • Involvement in the National Green Mission for green hydrogen production.

     

Ministry’s Engagement with PM Gati Shakti National Master Plan:

  • Integration of BISAG-N’s capabilities into the PM Gati Shakti National Master Plan for better planning of steel production facilities.

Steel Scrap Recycling Policy:

  • Notification of the Steel Scrap Recycling Policy in 2019 to facilitate metal scrapping centers for scientific processing and recycling.

National Steel Policy 2017:

  • Formulation of the National Steel Policy 2017, providing a roadmap for long-term growth in the steel industry by 2030-31.
  • Government initiatives like ‘Make-in-India’ and infrastructure development contribute to increased steel demand.

Steel and Steel products (Quality Control) Order:

  • Introduction of Steel Quality Control Order to ensure the availability of quality steel by banning sub-standard products both domestically and through imports.
  • Conforming to relevant BIS standards for end-user satisfaction.

Safety in the Iron & Steel Sector:

  • Formulation of 25 common minimum Safety Guidelines for the Iron & Steel Sector, aligning with global standards and ILO Code of practice on safety.
  • Inputs from the World Steel Association’s guidance document on “Safety & Health Principles and Definitions.”

National Metallurgist Award:

  • Recognition through the National Metallurgist Award to honor outstanding contributions of metallurgists in the iron and steel sector.

Conclusion:

India’s Steel Sector has not only achieved impressive production figures but has also become integral to the nation’s economic fabric. Government initiatives focusing on quality, sustainability, and safety have contributed to this success story.

The sector’s strategic inclusion in key national plans like PM Gati Shakti and the National Green Mission reflects its crucial role in India’s developmental journey.

The future trajectory of the Steel Sector remains promising, guided by a commitment to excellence, innovation, and sustainable practices.

Mains Question:

  1. “Examine the transformative growth of India’s Steel Sector, highlighting its economic significance and the role of government initiatives. Provide insights into the sector’s strategic integration with national plans and its potential impact on India’s developmental trajectory.” (150 WORDS).

Details

Date:
January 4
Time:
7:00 am - 11:30 pm
Event Category: