Steel Industry & The Indian Economic Growth: Trillion Dollar Industry

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Steel Industry & The Indian Economic Growth: Trillion Dollar Industry

We all know that the Steel industry is the biggest in India, and from the initial stage till now, the steel industry has greatly supported the Indian economy.

Whether you are talking about large steel industries, steel dealers in Punjab, or even small business people working in this industry, every single person contributes to India’s GDP.

Still, many people do not believe in the Indian steel industry and the stats they are generating. Hence to prove how the steel industry is leading to Indian economic growth, we are here to talk about it only and how this industry is touching the $5 Trillion mark soon.

Things That Leads To The Growth Of The Indian Steel Industry

 Several reasons pushed or helped the Indian steel industry to grow exponentially. Let us have a look at some of them:

  • The first and major reason behind the growth of the Indian Steel Industry is the workforce that we have in India. When discussing western working styles, you will notice them doing a limited amount of work with no extra effort. Still, when talking about the Indian steel industry, the workforce works exceptionally to fulfill the targets.
  • Several growth opportunities are taking place in India. You will find a lot of infrastructures being built, such as roads, buildings, airports, hospitals, flyovers, and many more such things.
  • And all these things require steel in various forms. Hence this leads to an increase in the demand and production of steel. So the steel produced in India was being used for the infrastructure and growth of India only.
  • Not just that, various foreign countries also deal with Indian Steel companies to fulfill their requirements when they cannot complete their targets on time.
  • It has been noticed that the Indian steel industry contributes 2% of the Indian GDP. Secondly, when discussing job opportunities, currently, five lahks Indians are directly linked with the industry. At the same time, more than 40 lakh people are indirectly connected with the industry, and this speaks a lot about the growth and job opportunities the steel industry is creating in India.
  • The steel industry affects or becomes the growth of other sectors as well. For example, the steel industry is directly linked with construction, capital goods, automobile, internet products, railways, and many more.
  • As these industries are growing, their steel demand is also growing, which directly leads to the growth of the steel industry.

The domestic steel industry, including 1.2714 steel suppliers and many more, is building better links and networks for growth. Secondly, several export opportunities are taking place in the steel industry that will help this industry become a $5 Trillion industry.

Quality Steel for Quality Construction

The Indian Steel Industry will keep improving and growing this way, as several growth opportunities are lined up in both the Indian and International markets. Looking for a reliable steel supplier? BK Steel Company is your right choice.