Steel is considered as the backbone of national economic development. It is a major input into sectors which support economic growth such as infrastructure, machinery, power and railways, as well as being important for fast growing sectors, in particular automobiles and consumer durables.
Indian steel industry is currently in a very volatile position resultant of ambitious capacity expansion plans, entry of new players and increased competition on one hand and consistently rising and shifting demand patterns on the other.
The current growth in Indian steel demand is lagging much behind the expectations. The consumption is expected to grow between 5-7% annually and capacities to firm up from the existing 120 million tons to nearly 150 million tons in the near future.
With a target to achieve 300 million tons capacity by 2025 and over 125 kg per capita consumption there is a strong and immediate requirement to focus on improving the demand of steel within the country and also to explore markets globally.
In the construction sector, Government spending in infrastructure is expected to surge giving boost to the demand for steel used in construction. Similarly, rising incomes coupled with rapid urbanization will also contribute to the increasing demand for automobiles and consumer durables.
The upcoming conference on “Strengthening Indian Steel Demand” would examine the current state of Indian steel demand and deliberate on the various developments, policy measures, challenges, opportunities and relevant issues triggering the growth in the coming years.
Strengthening Indian Steel Demand 2016 will focus on:
Minister of Steel
Govt. of India
Minister of State
Minister of Steel, Govt. of India
Ministry of Steel, Govt. of India
Additional Secretary - DGAD
Ministry of Commerce, Govt. of India
Bureau of Indian Standards
Jt. Sec. Ministry of Steel
Group CEO - Steel & Power
Abul Khair Group
Principal Partner & Country Head
Lakshmikumaran & Sridharan Attorneys
IIFT, Centre for WTO Studies
Shabro Metallic Pvt. Ltd.
Assistant Secretary General
Ministry of Steel
ED Traffic Transportation/Steel
TPM Consultants Pvt. Ltd.
VP Corporate Affairs
Hyundai Motor India