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Wednesday, May 29, 2024

Steel sector thrives as India deliberates infrastructure evolution

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New Delhi: The steel sector in India has showcased remarkable growth, soaring at approximately 8% amidst global challenges.

This growth is attributed to substantial demand from various sectors such as construction, infrastructure, automobiles, engineering, and defense.

India solidifies its position as the world’s second-largest steel producer, largely propelled by government investments in infrastructure projects.

In a conference hosted by Metalogic PMS, Jyotiraditya Scindia, through a video message, emphasised the pivotal role of the steel industry in India’s rapid infrastructure development. With the government eyeing a $5 trillion economy, he highlighted the bright prospects for the steel sector despite recent pandemic-related turbulence. He urged industrial players to actively participate in infrastructure projects, especially as the nation embarks on mass transit initiatives like high-speed rails and integrated bus terminals.

Naveen Jindal, Chairman of JSPL, emphasised the importance of recycling steel by products like slag for various applications such as fertilisers and road construction, aiding in CO2 emission reduction. He advocated for the production and use of green steel in infrastructure, aligning with sustainability goals.

The building, construction, and infrastructure sectors have shown consistent annual growth rates, with an anticipated demand increase of 7-8% and 8-10%, respectively, until FY 2025. Amarendu Prakash, CMD SAIL, stressed the need to accelerate steel consumption in infrastructure development without compromising quality. He highlighted the importance of engineering education to drive demand generation.

Government schemes like the PM Awas Yojana and Housing for All have boosted steel demand, along with a significant increase in fiscal budget allocation for infrastructure. Dedicated freight corridors have played a vital role in India’s transportation infrastructure, consuming approximately 18 million tonnes of steel since 2020.

Ravindra Kumar Jain, MD of Dedicated Freight Corridors Corporation of India Limited, outlined Indian Railways’ ambitious plans to add 40,000 km of tracks in the next five years, generating substantial demand for steel. The recent inauguration of Eastern and Western Dedicated Freight Corridors by Hon’ble Prime Minister Shri Modi, costing a combined $252.22 billion, has not only utilised massive volumes of steel and cement but also eased logistical burdens.

Additionally, Suresh Bijoria, Chairman of TMT Junction Limited, shared the success story of TMT Junction, an online trading platform for iron and steel products. Offering a range of products, including TMT bars, wire rods, and structural steel, TMT Junction aims to expand its offerings to 70–80 products on its portal.

The steel sector’s resilience and India’s strategic focus on infrastructure development underscore a promising future, fostering prosperity, inclusivity, and sustainability for the nation.

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