According to Indian media reports on the 2nd, due to the strong domestic steel demand in India and the insufficient capacity of steel companies, India's steel imports this fiscal year (since April 1 this year) is expected to reach 10 million tons, an increase of 43%.
Mutulaman, president of the Federation of Indian Industries and vice chairman of Tata Steel, said that demand for steel in India is growing, but factors such as difficulties in land acquisition and lack of infrastructure have affected the production capacity of steel companies. Steel imports may reach this fiscal year. 10 million tons.
Muturahman said that in order to increase production capacity, India is planning to introduce new policies and measures to simplify procedures such as land acquisition and personnel resettlement, promote infrastructure and accelerate the progress of major projects.
As the world's fifth-largest steel producer, India plans to achieve 120 million tons of steel production by 2012, but currently has an annual output of only 70 million tons. Due to accelerated infrastructure construction and increased demand for automobiles and other durable consumer goods, India's domestic steel demand is growing at an annual rate of 8% to 10%, faster than steel production capacity of 6% to 8%.
The World Steel Association recently released a report predicting that India's steel demand growth will reach 13.3% in 2011, much higher than the global increase of 5.9%. In 2012, its steel demand growth rate will increase to 14.3%.
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