For the steel industry to achieve the envisaged growth and to steer the growth of the economy, the stakeholders in the steel eco-system will need to put in concerted efforts towards generating domestic steel demand. It can be accelerated by identifying and catering to export opportunities, augmenting steel capacity, fostering sustainable operations, achieving quick evacuation and timely delivery to customers, utilizing resources efficiently and producing value added/high grade steel products.
With a V-shaped demand recovery post-COVID, policy announcements made by the government across sectors including rail, road, aviation, gas pipeline, and housing and changes in global supply demand equations, has contributed to the industry’s record production and growth. For the Indian steel sector to sustain the growth momentum and play an important role in economic growth of the nation, it needs to focus on:
- Policy formulation and implementation for steel and other allied industries which are likely to impact demand of steel from India for India.
- Preparation for making the most of export opportunities for Indian Steel.
- Rapid execution of building the required logistics infrastructure to ensure speed of service and permit simplicity and scale of operations of steel making.
- Increased investments in domestic R&D or sourcing technology through strategic partnerships of steel manufacturing for a significant uplift in quality, yield and reducing emissions.