{"id":257,"date":"2022-02-17T08:11:27","date_gmt":"2022-02-17T08:11:27","guid":{"rendered":"https:\/\/vrkp.in\/blog\/?p=257"},"modified":"2022-02-17T10:21:04","modified_gmt":"2022-02-17T10:21:04","slug":"how-steel-industry-helps-in-nation-building","status":"publish","type":"post","link":"https:\/\/vrkp.in\/blog\/2022\/02\/17\/how-steel-industry-helps-in-nation-building\/","title":{"rendered":"How Steel Industry Helps In Nation Building"},"content":{"rendered":"

Steel has played a vital role in the development of the Indian economy. Affordable housing in urban and rural areas, railway network expansion, domestic shipbuilding integrated with the Sagarmala project, opening up the defence sector for private participation and growth in the automobile sector opens the path to economic recovery. The country expects steel demand to grow 3x and reach 230 MT by 2030-31.<\/span><\/p>\n

NCAER Report<\/b><\/p>\n

According to the National Council of Applied Economic Research, the steel industry in India has the potential to contribute to overall economic development. Housing construction, car manufacturing, daily use utensils and packaging materials are some of the many applications the steel sector touches. Consumption of special steel is increasing in fabrication and engineering industries like power generation, petrochemicals, and fertilizers.<\/span><\/p>\n

Employment Opportunities<\/b><\/p>\n

The steel industry in India contributes about 2% to India\u2019s GDP and employs around 6 lakh people directly and 20 lakh people indirectly. With steel plants creating vast employment opportunities, especially in Tier3 cities, it has an employment multiplier effect of 6.8x and an output multiplier effect of 1.4x.<\/span><\/p>\n

Steel Scrap Recycling Policy (SSRP), 2019<\/b><\/p>\n

The SSRP framework provides guidelines to segregate, collect and process scrap scientifically. The policy encourages recycling and reuse of scrap to produce high-quality steel. While it enhances steel production, SSRP also reduces imports dependency.<\/span><\/p>\n

Capital Investments<\/b><\/p>\n

Steelmakers are amplifying their capacity through large capital investments to meet the high demand. High steel prices have added to the manufacturer’s profitability, which allows them to focus on capacity increases. Prices of steel products such as wire rods, plates and TMT bars have risen to 117% since 2015.\u00a0<\/span><\/p>\n

R&D Investments<\/b><\/p>\n

To meet the demand for high-quality steel products and willingness to pay premium prices, Indian steelmakers are focusing on the superior quality of materials. Companies are employing new technologies and investing in R&D to produce steel products that can substitute imports.\u00a0<\/span><\/p>\n

In South India, VRKP is one of the leading producers of superior quality steel TMT bars. Innovation and integrity are at the core of the organisation’s vision. The company produces dual ribbed steel TMT in an eco-friendly manner using German technology.\u00a0\u00a0<\/span><\/p>\n

Talk to us at <\/span>https:\/\/www.vrkp.in\/contact_us.php<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Steel has played a vital role in the development of the Indian economy. Affordable housing in urban and rural areas, railway network expansion, domestic shipbuilding integrated with the Sagarmala project, opening up the defence sector for private participation and growth in the automobile sector opens the path to economic recovery. The country expects steel demand […]<\/p>\n","protected":false},"author":1,"featured_media":262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-steel-industry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t