The steel industry in India has contributed widely to its development and sustainable growth over the last two decades. The socio-economic growth has been steady, given the initiatives taken by some of the largest steel companies like JSW steels and the Jindal Group.
The future of the Indian economy and the environment depend on sustainability, as global warming continues to threaten life as we know it. What does the steel industry has got to do with it?
The growing population of India and the move to urban sectors requires a better infrastructure that has to be carefully planned, being mindful of the impact on the environment. The infrastructure has to be energy-efficient and sustainable, and steel can help with that.
Why is steel used for construction?
Steel is the best option there is if we are to care about the environment’s future. Why?
Strength: Steel is lightweight, yet sturdy, has high tensile strength, and can withstand heavy force, supporting the foundation of constructions. It’s quite durable and ductile too, lasting for decades.
Efficient: Construction with steel utilises lesser time and energy. It improves the energy efficiency of a machine or a building. Solar panels can be installed which helps conserve energy in buildings.
Sustainable: It can be 100% recycled without any loss in strength or any of its properties. All the scrap metals can be melted down for reuse without any wastage. The emission of carbon dioxide can be reduced significantly with the use of steel in buildings.
Resistant: Steel is highly resistant to fire, corrosion and pest infestation. It can also withstand earthquakes and other natural calamities, standing strong in disastrous times.
Design: Steel offers architects and engineers possibilities in design, as it is quite flexible and versatile. The simplicity of steel structures gives more space and a sense of openness in the buildings.
Impact of the steel industry on the Indian economy
The steel industry can create ripple effects in the Indian economy. Like the initiatives taken by JSW steels in creating infrastructures for farmers, women empowerment programs, providing countless job opportunities, etc it has made a huge positive impact on thousands of people.
The demand for steel from other countries is high and is the second-largest producer of crude steel, India exports to over 100 countries, being pivotal in the economic growth. It aims to realise the vision of a $5 trillion economy by 2050 with the help of the steel industry. And with added improved infrastructure, the economy has a bright future.
Some of the government plans taken under the Make in India campaigns include affordable 22 million houses by march 2022 providing a huge opportunity for the use of steel in construction; Railway transportation expansion projects which will require huge amounts of steel. It is highly likely that the steel industry becomes the number one powerhouse of the Indian economy.
Steel industry post-COVID-19
Coronavirus has left the world in pieces, with many organizations and sectors shutting down. The steel industry too couldn’t escape the impact and has become temporarily dysfunctional, because the demand has sloped down from all sectors - automobile, construction, etc. As a result, the prices have declined and won’t rise until the demand meets supply.
Lockdown rules and restrictions made many migrant workers return to their hometowns and are unlikely to come back to work any time soon as monsoon is just around the corner. Thus, there is a major shortage of labor, affecting the production of steel big time!
Measures need to be taken to brace both short-term and long-term effects of coronavirus if we are to pave the road to a bright economy with steel. The result of disrupted supply-chain has made many countries open to the idea of manufacturing in India, giving hope for the industry.
Kaushalesh steels is one of the leading steel dealers in Bangalore. They offer products at the Steel rate in Bangalore.
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