Indian steel industry: Growth potential through port-building and shipping

by David Fleschen

"The Indian steel industry has a remarkable potential for growth", says BVJK Sharma, CEO & Joint Managin Direcotr of JSW Infrastructure and JSW Steel limited. Accoding to him, as India moves towards becoming a developed economy, the steel industry will play a significant part in this transformation. Sharma notes that the projected demand for steel in India is going to increase from 80 million tonnes in 2015 to 110-120 million tonnes by 2020. Construction and infrastructure are likely to be the dominant consuming segments. These two segments, combined with manufacturing, are expected to result in robust demand for steel in coming years, according to Sharma.

Till date, India remains the only large economy in the world where steel demand and consumption have seen sustained growth. India is set to become the second largest steel producer this year. Additionally, it is expected to become the second largest steel consumer in the coming years, with the tailwind of rapid infrastructure construction and a thriving automobile, railway, port-building and shipping sector. "The coming years shall be an important chapter in India’s growth story", condludes Sharma.

Source: Business Line, photo: fotolia

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