In light of the Chinese construction industry still seeing a downturn and the USA and Europe expected to slump into recessions, India has responded by providing a much-needed boost to the flagging global steel demand. With a surge in steel consumption and demand for other commodities, India's steel sector is setting many companies on a path to success. Read SURFACES REPORTER (SR)’s full report below:
India is on the brink of surpassing China as the most populous nation in 2021 and has already begun a large-scale construction project.
Prime Minister Narendra Modi has been working to modernize roads and infrastructure in the populous nation, which is quickly becoming a major manufacturing hub for the world.
Regular Increase In The Demand for Steel In India
India recently surpassed the US to become the second-largest consumer of steel in the world.
According to the International Steel Association, demand for steel in India is expected to climb 6.7% to nearly 120 million metric tons by 2023.
Jayant Acharya, deputy managing director of JSW Steel Ltd., believes this "nation-building period" could raise India's consumption of steel even higher, with a grand total of over 200 million metric tonnes by 2030. This growth has caught the attention of the world steel industry and has been seen as an effort to counter China's construction sector slowdown.
ArcelorMittal Nippon India Ltd., led by billionaire Gautam Adani and his son Man Gautam, plans to triple its capacity to nearly 30 million metric tons by 2025. Now, many firms are initiating their ventures in India to succeed.
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