New Delhi, Feb 24 (UNI) Despite being the fifth largest steel producer in the world, India's per capita steel consumption is one of the world's lowest, a recent survey said.
According to Indian Chamber of Commerce's (ICC) report: 'Indian Steel Scenario', India's position in steel production will get stronger with time, buoyed by increasing development in order to support the growing needs of the vast nation.
However, in comparison to the developed countries, the per capita finished steel consumption, in kilograms, is very low in the country. It is even lower to the neighbouring country China.
The report added while China has seen a significant growth in steel consumption in the last decade, India still has a long way to go.
With a strong economy, amongst the fastest growing in the world, and with rising income levels and consumer spending patterns, India's steel appetite is likely to match the developed countries in the next one to two decades.
'' India's rapid economic growth is being built on a frame of steel and the industry will continue to play a very vital role in the overall growth of the country. Soaring demand by sectors like infrastructure, real estate and automobiles, at home and abroad, has put the country's steel industry on the world steel map,'' the survey noted.
MORE UNI BKS SG AS1208