On the 25th of February India’s Minister of Commerce and Industry, Piyush Goyal, announced that the country’s iron and steel exports have witnessed significant growth in the past year. According to Goyal, India’s iron and steel exports grew by 1.9 times in the period of April-December 2022 compared to the same period in 2013.
This remarkable increase in iron and steel exports has come as a result of various initiatives taken by the Indian government, including the ‘Make in India’ campaign and the introduction of new policies to promote manufacturing and exports. These initiatives have helped in creating a conducive environment for businesses to flourish and have contributed significantly to India’s growth story.
India is the world’s third-largest producer of steel, and the steel industry is a vital sector of the country’s economy. The industry provides employment to over 2.5 million people and contributes around 2% to the country’s GDP. The growth in steel exports is a significant achievement for the Indian government, and it is expected to further boost the country’s economic growth.
The increase in iron and steel exports is not only good news for the Indian economy but also for the global economy. The world is currently facing a shortage of steel, and the increase in Indian exports will help bridge the demand-supply gap. This will not only benefit the countries importing steel from India but also help in stabilizing global steel prices.
Moreover, the Indian government’s focus on increasing the export of value-added steel products is also a positive development. These products have a higher value addition and generate more revenue compared to the primary steel products. This move will help in increasing the competitiveness of Indian steel products in the global market.
