Economy & Market

India exports 13.5 mt finished steel worth Rs 1 lakh cr in FY22

Published

3 years ago

April 28, 2022

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India’s finished steel exports were at 10.78 mt in 2020-21

Minister of Steel Faggan Singh Kulaste told the media that India exported 13.5 million tonnes (mt) of finished steel worth Rs 1 lakh crore in the last fiscal year.India’s finished steel exports were at 10.78 million tonnes in 2020-21, as per the official data.During FY22, India exported 13.5 mt finished steel valuing Rs 1 lakh crore and imported steel of about Rs 46,000 crore, Kulaste said at Steel and Engineering Exports organised by Metalogic PMS.The number of merchandise exports from India was $420 billion.In FY22, India’s steel consumption was at an all-time high of about 106 mt, while the nation produced a record 120 mt of crude steel, Kulaste said.The sector is increasing at a compound annual growth rate (CAGR) of about 5% to 6% on a year-on-year basis.The minister said that notwithstanding the challenges arising out of Covid-19, the steel sector in terms of external trade, production, and consumption registered a record performance. We have the potential to do better in the steel industry across all regions. The engineering sector is closely related to the manufacturing and infrastructure sectors, and manufacturing and infrastructure sectors are of strategic significance to India’s economy, and the steel sector is closely related to this sector.

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Shree Cement reports 2025 financial year results

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June 17, 2025

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Image source:https://newsmantra.in/

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Rekha Onteddu to become director at Sagar Cements

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June 17, 2025

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India’s cement consumption set to rise

Published

11 hours ago

June 17, 2025

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According to a Moody’s report, India’s cement consumption is projected to rise by 50 per cent over the next five years, increasing from 445 million metric tons per annum (MMTPA) in FY24 to 670 MMTPA by 2030. This growth is expected to be driven by government infrastructure spending and rising housing demand, with an anticipated annual growth rate of 6-7 per cent. To meet this demand, major cement companies are likely to continue acquiring smaller, less profitable firms.

Image source:https://www.telegraphindia.com/