The Indian Steel Association (ISA) is optimistic about the domestic steel market and expects a growth of 7.5 percent to 128.85 million tonnes (MT) in the current financial year. This follows a 13.3 percent rise in steel demand to 119.86 MT seen in FY23. ISA believes that infrastructure spending and urban consumption will lead to an 8-9 MT increase each year in the upcoming two years. The steel demand is expected to reach 136.97MT in FY 2024-2025, representing a 6.3 percent expansion.
ISA has made its projections based on the demand side of steel-using sub-sectors. It forecasts that all steel-using sub-sectors will grow at 6 percent or higher in both FY 2024 and FY2025. These forecasts by ISA are optimistic considering the gloomy global economic environment, but India’s GDP grew by 9.1 percent in FY 2021-2022 and is forecasted to grow by 6.4 percent in FY 2023-2024.
The Indian Steel Association is the platform for the Indian iron and steel industry, responsible for addressing issues, concerns and challenges of the industry. ISA was founded in 1952 and is currently composed of industrial chiefs from both large- and small-scale steel production industries, as well as experienced professionals like lawyers, engineers, economists and finance specialists. The association works to promote the development of an orderly and efficient steel industry.
The current president of the Indian Steel Association is Mr. T.V Narendran, who is also the CEO and Managing Director of Tata Steel. He took charge as president in 2018 and has seen the association undertake various initiatives to support India’s steel industry. It has implemented government policies and has conducted seminars to promote development and technological advances. Under his leadership, the industry has performed well and achieved various milestones.
