The Indian steel sector has excellent prospects for growth and transformation. India has a growing need for steel, due to the growing need for construction projects, infrastructure development, and affordable housing. The Government's drive to make India self-sufficient has also created space for logistics parks, industrial corridors, and sustainable urban development. All these aspects are contributing to the accelerated growth in demand for both finished steel and steel as a raw material.
The next two fiscal years will see a continued 8–10 million tonne annual expansion in India's steel demand, driven by a robust momentum in infrastructure expenditure and steady urban consumption. India is the world's second-largest producer of crude steel, behind China, with domestic finished steel production witnessing 14.3 percent growth y-o-y.