According to the Ministry of Steel Industry of India, crude steel production in India amounted to 11.2 million tonnes in May this year. This figure represents an increase of 4.7 per cent compared to the previous month and 4.1 per cent compared to the same month of the previous year. The m-o-m growth of 4.7% points to the positive trend in the steel industry's production.
Moreover, from January to May 2023, India produced a total of 56.4 million tonnes of crude steel. This figure reflects y-o-y growth of 5.7 per cent. The y-o-y growth indicates a steady and consistent increase in crude steel production in India during this period.
These statistics emphasise the continued growth and strength of the steel industry in India. Positive m-o-m and y-o-y growth rates indicate that the country's steel sector is experiencing healthy growth and contributing to India's overall industrial and economic development.
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