India, fuelled by domestic demand, has become the second-largest steelmaker in the world, out-producing Japan. Nevertheless, India is far behind top producer China; with 928.3 MT of crude steel production, China accounts for 51.3 percent of the world's production, according to the World Steel Association.
India's Ministry of Steel is contemplating increasing the funding budgeted for research and development to boost the steel sector.
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"We are likely to leave behind the US in terms of steel consumption this year. The growth trend in steel consumption in India will continue, due to a strong manufacturing sector, diversified demand demographics, accelerated expenditures on infrastructure, an anticipated increase in gross domestic product and a strong focus on ‘Make in India'," Birendra Singh, India's Minister of Steel, said last week while addressing steel producers in New Delhi.
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Steel contributes two percent of India's national income. The targeted steel build-up capacity in the country is likely to reach 300 million tons by 2030, aligned with the target of National Steel Policy 2017.
The other steel-producing countries in the top 10 are the United States (86.7 MT, 4th), South Korea (72.5 MT, 5th), Russia (71.7 MT, 6th), Germany (42.4 MT, 7th), Turkey (37.3 MT, 8th), Brazil (34.7 MT, 9th) and Iran (25 MT, 10th).