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    Export and Import Performance of Steel in India
    (Indian Maritime University, 2023-05) Nazir, Shahid; Dasgupta, M. K.
    Steel is an essential component of every country’s economy and is regarded as one of the modernisation’s driving forces. Steel consumption per capita is regarded as one of the most important markers of a country’s socioeconomic progress and living standards. Steel remains the most environmentally benign and recyclable of engineering materials. India’s founders recognised power and steel as the cornerstone for the country’s future growth after independence. Steel was used to build the majority of India’s contemporary infrastructure, confirming the industry’s pivotal role in the country’s development. India has surpassed Japan as the world’s second-largest steel producer, and it is on track to become the world’s second largest steel consumer. India’s local steel sector is particularly sensitive to lower-cost imports and fluctuating demand. The steel industry’s overall growth and profitability have been harmed by a drop in domestic steel demand and a decline in investment across industries. Protectionism and trade conflicts are having a negative influence on the sector. However, this is only a phase. The Indian steel industry is thriving, with a compound annual growth rate of roughly 5% to 6% year on year. In 2022, India’s imports of iron and steel articles grew to 14815.37 USD million, up from 3511.06 USD million in 2021. Exports of Iron & Steel in India decreased to 11030.12 USD Million in 2022 from 22906.19 USD Million in 2021. The current scenario necessitates an immediate policy boost to protect the industry from global pressures while also stimulating demand. The indian Steel Association (iSA) successfully inaugurated its flagship event, the ‘ISA Steel Conclave,’ in 2018 as a venue for government officials, senior industry experts, and consultants to obtain insights into international steel trade and related difficulties. This research paper aims to offer a comprehensive overview of the steel sector in India, highlighting its growth, problems, and economic effect.