Business
India’s Steel Sector Expands Rapidly with Focus on Self-Reliance
Rising output, growing consumption and decarbonisation push underline sector’s role in economic growth
India’s steel sector, a key pillar of its economic growth, continues to advance towards greater domestic self-reliance while strengthening its global standing. According to an official release, India has remained the world’s second-largest steel producer since 2018, with its share in global crude steel production rising from 5.2 per cent in 2014 to 7.9 per cent in 2024.
Data from the World Steel Association also indicates that India is the second-largest consumer of finished steel. Domestic consumption has nearly doubled, increasing from 77 million tonnes (MT) in 2014-15 to 163.7 MT in 2025-26, reflecting strong demand driven by infrastructure and industrial expansion.
The government is targeting a steel production capacity of 500 MT by 2047, aligning with long-term development goals. Alongside expansion, efforts are also underway to decarbonise the sector, in line with India’s commitment to achieving net-zero emission intensity by 2070.
The growth trajectory highlights India’s emergence as a competitive and rapidly expanding player in the global steel industry, supported by rising domestic demand and strategic policy initiatives.