Daijiworld Media Network – New Delhi

New Delhi, May 6: India has continued to hold its position as the world’s second-largest steel producer, underlining the sector’s crucial role in driving the country’s growth and self-reliance, according to an official release.

The share of India in global crude steel production has risen significantly from 5.2 per cent in 2014 to 7.9 per cent in 2024, reflecting its growing strength as a competitive player in the global steel market.

The country is also the second-largest consumer of finished steel, as per the World Steel Association. Domestic consumption has witnessed a sharp increase, nearly doubling from 77 million tonnes (MT) in 2014-15 to 163.7 MT in 2025-26, driven by infrastructure expansion and industrial growth.

The government has set an ambitious target of achieving 500 MT steel production capacity by 2047, aligning with India’s long-term development goals.

At the same time, efforts are underway to decarbonise the steel sector as part of the broader commitment to achieve net-zero emission intensity by 2070.

The continued expansion of both production and consumption highlights the steel sector’s pivotal role as the backbone of India’s economic progress.