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The Steel Market in Eastern India

West Bengal and the surrounding region with its rich mineral resources have great potential for the development of the steel industry. The state accounts for 10% of the country’s total steel capacity (source: Center for Monitoring Indian Economy, Government of India).

National Steel Policy 2017 states that the Indian Government aims at a total steel production capacity of 300 million tonnes by 2030 and out of which, around 200 MnT is envisaged from the five eastern states — West Bengal, Odisha, Jharkhand, Northern Andhra Pradesh, and Chhattisgarh. The steel ministry is looking at an aggregate investment of USD 70 billion in the eastern region of the country.

Government stimulus, number of projects on the anvil and boom in the construction sector in West Bengal, indicate a brighter future for the West Bengal construction steel market.

West Bengal Overview

Recording a steady growth rate of 14.99%, West Bengal is the 4th largest economy in India.
With more than 1.5 million MSME enterprises been set up in the State in the last five years (Source: Ministry of MSME), West Bengal is the leading in terms of MSME enterprises in the country.

Infrastructural Growth in the State

Having numerous growth centres and industrial parks in the pipe line, West Bengal has increased its spending on infrastructure by almost five times to Rs 9,553 crore. Five locations – Dankuni, Durgapur, Tajpur, Malda and Siliguri, have been identified to have the potential to host logistics parks. This will generate a collective investment of Rs 140 crore for the state. The state is showing promise in the real estate industry, especially in the affordable housing sector. Kolkata will witness a more ready affordable housing supply which is approximately 9,510 units over the next year. With the positive steps taken by the WB government in terms of infrastructural and other policies in the IT and ITES sector, it also saw a surge of 19% increase in the sale of homes in the capital city.