The steel consumption in a country is often a reflection of its economic development and industrial growth. To boost domestic steel production, the Government introduced the National Steel Policy (NSP) 2017 on May 8, 2017, with the goal of accelerating the development of the steel industry. The policy aims to fulfil the domestic demand for steel, including high-grade automotive steel, electrical steel, special steel, and alloys for strategic purposes. By 2030-31, the policy targets a crude steel production capacity of 300 million tonnes (MT), with a production goal of 255 MT, and a significant increase in finished steel consumption per capita to 158 kg, compared to the current 97.7 kg. India's crude steel production and finished steel consumption have grown at a compound annual growth rate of 12% and 14% respectively over the last four years, which is significantly higher compared to the global growth rate of less than 1%. This growth indicates significant potential for the Indian steel sector to expand well beyond 2030, driven by rising demand in construction, automotive, defence, and infrastructure sectors. This positions India as a bright spot in the global steel market, especially in view of either stable or declining steel demand in developed nations. By focusing on increasing production capacity, improving product quality, and meeting domestic demand, the policy strives to make India a self-reliant, competitive global player in the steel industry.
Honorable Prime Minister
Honorable Minister
Honorable Minister of State
