The steel industry is one of the major industries of India. It has also gained considerable importance in the global steel industry. This century old industry of India was mostly a regulated one till 1990.
The economic reforms undertaken in India in the early 1990s gave a major boost to the steel industry and it grew considerably in terms of investment, production capacity and number of producers. The industry faced a downturn during the late nineties but revived again by 2002.
The size of India's steel industry has increased considerably in recent years. According to latest available estimates, India ranks eighth among the top steel producers of the world with a production capacity of 35 MT.
The steel industry of India has capital investments of more than Rs 100, 000 crores. The total employment in the industry is more than two million (including direct and indirect employment).
Some of the major reasons that have led to the growth in the size of India's steel industry are -
Abundant availability of iron-ore in India
Increased consumption of steel in the sectors like construction.