Steel demand will greatly increase in India with the boost to the production sector - World Steel Association claims

New Delhi: – According to the World Steel Association, the demand for steel in India will increase by about 6.7% to 120 million tonnes in the next year. Increasing demand for steel means boosting production in various sectors of the country. Therefore, entrepreneurs and economists are welcoming the news saying that this is a welcome thing for the country. Entrepreneurs and economists are expressing the belief that production in India will gain a lot of momentum in the future and will positively impact the economy.

Moreover, India may surpass China as the most populous country in the world in 2023. Besides, it is being claimed globally that India will overtake China next year not only on the population growth front but also on economic performance, productivity growth and other economic norms. At present, China is suffering from Corona epidemic and at the same time, China has started border disputes with almost all the neighbouring countries. China’s dispute with the United States, European Union and Australia is now escalating, affecting China’s trade with these countries. Multinational companies, which earlier had their manufacturing centres in China, are now exiting the country, stopping production in China. While China is thus in an economic and geopolitical crisis, India is emerging on the international stage.

Analysts in this sector are saying that the demand for steel from China will be low due to Corona’s crisis and the Chinese real estate sector. On the other hand, it is claimed that due to the policies adopted by the Indian government, production in this country has been boosted and India is emerging as the future centre of international productivity. The World Steel Association has informed that the demand for steel in India will increase by 6.7% to 12 crore tonnes next year. The World Steel Association concluded that due to the boost in the manufacturing sector, the demand for steel for India’s various industries would increase tremendously.

India may overtake China to become the country with the highest demand for steel, the World Steel Association has said in its report. This organization also made aware that, at present, India is far behind China in total steel consumption. The annual consumption of steel in China is 910 million tonnes. The demand for steel in India is very low compared to that, and India wants to show great performance on this front. The World Steel Association claimed that much would depend on how long India takes to bridge this gap.

The government of India has focused on infrastructure development projects in the country. The Union Finance Ministry has agreed to provide funds of $1.4 trillion for the National Infrastructure Pipeline. Due to this, there can be a big change on this front in India. That is why senior executives of Indian steel companies welcomed the findings reported by the World Steel Association. These senior officials say that the increase in demand for steel and other things is a positive sign for developing the country’s industrial sector.