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IT to streamline Indian Iron and Steel Industry: Frost & Sullivan

The Indian iron and steel industry is already in the
developed and consolidation stage, in terms of the production process. However,
major domestic steel manufacturers are now in the process of implementation of
Information Technology (IT) to streamline the entire value chain.

The Indian iron and steel industry is already in the
developed and consolidation stage, in terms of the production process. However,
major domestic steel manufacturers are now in the process of implementation of
Information Technology (IT) to streamline the entire value chain.

More than 60 percent of steel consumption in the country
has traditionally been from the construction and infrastructure sectors which
registered the highest growth rates over the past five years among
steel-intensive industries. With steel demand driven by increasing
infrastructure development and the automotive industry, steel consumption is
expected to grow at a rate of 6.8 percent, to reach 104 Mn MT by 2017.

Considering investment opportunities in the steel sector,
upcoming Greenfield and Brownfield projects as well as growth trends of the
different end-user industries, projected crude steel capacity in the county is
expected to reach 140 Mn MT by 2016 from the current capacity of around 100 Mn
MT in 2013. Information Technology is going to play a key role in terms of
benefiting the sector and increasing efficiency and output.

The Indian Government is also proactively providing
incentives to boost economic growth by injecting funds into various industries
such as construction, infrastructure, automotive, and power, which will drive
the steel industry in the future. Hence, it can be concluded that in spite of
chronic handicaps like poor infrastructure, the Indian steel industry is
forging ahead. All indicators suggest that India will soon move up from the
fourth to the second position in the world both in production and consumption.

 

 

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