Production volume of finished steel in India FY 2012-2020

The finished steel production in India for the financial year 2020 was projected to be less than 77 million metric tons of crude steel equivalent. The time considered for the financial year 2020 was from April to December 2019. Finished steel comprised of both alloy and non-alloy steel.

Investment and policy support

The central government launched the National Steel Policy 2017 to boost and support the domestic steel sector. Under this policy, domestically produced steel and iron products were given preference, and benefits were provided for domestic procurement of raw materials and various aspects were covered to facilitate new steel projects. The government also launched a steel import monitoring system that provided granular data which helped the government and market players to react to the dynamic market in a short time. Additionally, there was 100 percent FDI through the automatic route. Global players such as Nippon Steel Corporation and ArcelorMittal entered the Indian market by acquiring steel plants or entering joint ventures.

Research and technological innovation

To boost productivity, Indian steel players have started to benchmark their processes and facilities in comparison to their global peers. The Ministry of Steel not only directed companies to spend part of their revenue on technological innovation but has also created a task force for identifying the need for technological development and research. JSW Steel increased its research spending since fiscal year 2018. The same was the case with Tata Steel. In fiscal year 2020, the Tata subsidiary had over a thousand patents to its credit.