India has become the 2nd largest consumer of finished steel in the world. The finished steel consumption was 106 million tons (MT) during the FY22.
The per capita steel consumption in the World is around 233 kg. However, the per capita consumption of steel in India is around 77.2 kg, gone up by 50% in last 8 years, which is 1/3rd of the average world per capita steel consumption.
Steel is a deregulated sector and Government’s role is that of a facilitator for fostering steel consumption in the country. In that direction, Government has brought National Steel Policy (NSP), 2017 which envisages per capita steel consumption to increase up to 160 kg by 2030-31. Government’s push for infrastructure development through Gati-Shakti Master Plan, ‘Make-in-India’ initiative for manufacturing sector, Pradhan Mantri Awas Yojna (PMAY) etc. would provide impetus to the demand and consumption of steel in the country. Ministry of Steel has also set up a Joint Working Group (JWG) with Ministry of Housing & Urban Affairs (MoHUA) having members from Bureau of Indian Standards (BIS), Central Public Works Department (CPWD), Technical Institutions (IITs/NITs) & Industries for fostering steel usage in Housing and Construction sector.
This information was given by the Union Minister of State for Steel and Rural Development, Shri Faggan Singh Kulaste, in a written reply in the Rajya Sabha today.