As Sinha stated at the “4th Indian Steel Association (ISA) Steel Conclave” event in the nation’s capital, India crossed 161 million tonnes of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF), and 58 MT by induction furnace (IF) route
Steel Secretary Nagendra Nath Sinha stated on Tuesday that India now has more than 161 million tonnes of steel capacity and that the sector is expected to grow further. In accordance with the National Steel Policy, India aims to install 300 MT of steel capacity by 2030.
As Sinha stated at the “4th Indian Steel Association (ISA) Steel Conclave” event in the nation’s capital, India crossed 161 million tonnes of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF), and 58 MT by induction furnace (IF) route. He also emphasised that India’s steel industry is well-positioned for future expansion.
India is the fourth-largest automobile market in the world, and over the next ten years, Sinha predicted, it will grow at a compound annual growth rate of 8–10%. The demand for steel is also being driven by the manufacturing sector, which saw a compound annual growth rate (CAGR) of 7 to 8 per cent.
In the steel industry, the production-linked incentive programme has been going quite well. Of the Rs 29500 crore committed, the industry has invested roughly Rs 10,000 crore. The official went on to say that the industry also faces major obstacles because of carbon emissions and demands from the global market.