MARCH 20238 PANORAMAHOW INDIAN STEEL INDUSTRY CAN REVIVE EXPORTMetal consumption has been one of the main driving causes behind industrialisation. Steel being most commonly used amongst all metals is the backbone of every economy and has always been at the forefront of industrial advancement. With a production of 10.14 MT as of April 2022, India is the second-largest producer of crude steel worldwide. The production of raw steel was 133.596 MT in FY22, while the output of finished steel was 120.01 MT. Despite being a significant producer of steel on a worldwide scale, the Indian steel industry has long struggled with issues including outdated manufacturing methods, a lack of technological advancements, and more. These difficulties have prevented the Indian steel sector from expanding significantly and from carving out a solid niche for itself in the world market.According to sources, the Indian steel sector suffered a serious setback in 2021 as exports fell by 42 percent. The
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