India has recently emerged as a saviour for the faltering global steel demand amid a decrease in China’s construction sector and both the US and Europe sliding into recession.
China will soon be surpassed by India as the world’s most populated country. Indian Prime Minister Narendra Modi is attempting to modernise highways, rail networks, and ports in an effort to compete with China as a manufacturing centre.
The World Steel Association has predicted that the demand for steel will rise by 6.7%, or approximately 120 million tonnes, in 2023, making it the largest increase among major economies.
The research also emphasised the steel industry’s promising future.
India, which had a similar growth this year, surpassed the US to become the world’s number 2 steel consumer after China.
JSW Steel Ltd deputy managing director Jayant Acharya told Bloomberg that the nation-building phase of any economy requires a lot of steel and other commodities.
Acharya added, India is currently in this phase and it could boost the country’s steel consumption to over 200 million tonnes by the end of 2030.
To do so, many companies have been setting up their projects in India.
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