Importance of Steel Industry In India

Steel is a metal without which you cannot do much. Whatever you try to take on, you'll encounter steel at someplace through the process. There are multiple ways in which steel is used. The steel industry is fuel to a growing economy. Today, in this post, you'll learn about the importance of the steel industry in India.

Many people associate its steel usage and consumption per capita to get an idea of a country's well-being. It helps to get a picture of the development activities that take place in a country. Steel has been a forerunner for the upliftment of many nations, and some experts consider it a measure to identify the country's socio-economic status.

What Is India’s Steel Consumption Level?

Developed countries have a very high steel consumption rate compared to developing countries. India, a developing country, has a per capita steel consumption of just 77 kilograms. But you should not overlook the fact that India is still the third-largest consumer of steel in the world. It has overtaken many developed countries in this list too.

During the period of 1990 to 2018, India's steel consumption grew multiple folds from 22 million tonnes to 105 million tonnes every year. This high increase in consumption demanded increased production capacity. A total of 25 lakh people are employed in the steel industry.

According to government reports, the steel industry contributes at least 2 percent to the GDP every year, and this is a vital contribution for growing economies like India.

The steel industry is crucial for the urbanization of India. Without steel, you cannot imagine buildings, bridges, and roads. As the government pushes towards urbanization, the demand for steel will rise, and the industry will experience high domestic demand. It is a cycle of actions that will contribute to the betterment of the Indian economy and its people.

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