Industry Updates
 
• India has “enormous growth potential" compared to other emerging economies, as projected country's growth rate to 7.3% in 2018 and 7.5% for the next two years - the World Bank

• India’s real GDP is expected to grow at 7% per year in the coming decade and surpass Germany and Japan in nominal GDP terms by 2028, according to a report by Bank of America Merrill Lynch.

• India is expected to overtake Japan to become the world's second largest steel producer by 2019-20, as it aims to achieve 300 million tons of annual steel production by 2025-30. Huge scope for growth is offered by India’s comparatively low per capita steel consumption and the expected rise in consumption due to increased infrastructure construction and the thriving automobile and railways sectors.

• India is expected to become the fifth largest manufacturing country in the world by the end of year 2020*.The manufacturing sector of India has the potential to reach US$ 1 trillion by 2025 and India is expected to rank amongst the top three growth economies and manufacturing destination of the world by the year 2020.

• The Indian Engineering sector has witnessed a remarkable growth over the last few years driven by increased investments in infrastructure and industrial production. The engineering sector is a growing market. Spending on engineering services is projected to increase to US$ 1.1 trillion by 2020. India’s capital good sector is expected to triple in size to Rs 7.5 trillion (US$ 116 billion) and add 21 million jobs by 2025.

• The Indian Railway network is growing at a healthy rate. In the next five years, the Indian railway market will be the third largest, accounting for 10% of the global market. In order to develop three new arms of Dedicated Freight Corridor (DFC) in the various regions of the country, Indian government is planning to invest Rs 3,30,000 crores ($50.98 billion).

• Increasing investments and cargo traffic point towards a healthy outlook for the Indian ports sector. The capacity addition at ports is expected to grow at a CAGR of 5-6 per cent till 2022, thereby adding 275-325 MT of capacity. Under the Sagarmala Programme, the government has envisioned a total of 189 projects for modernisation of ports involving an investment of Rs 1.42 trillion (US$ 22 billion) by the year 2035.

• The civil aviation industry in India has emerged as one of the fastest growing industries in the country during the last three years. As of December 2017, the existing fleet of aircraft stands at 548 aircraft in India, and another 920 aircrafts are expected to be inducted into the fleet by 2025.

• The Indian auto industry is one of the largest in the world. The industry accounts for 7.1% of the country's GDP. Production of passenger vehicles, commercial vehicles, three wheelers and two wheelers grew at 11.27% year-on-year between April-December 2017 to 21,415,719 vehicles. In addition, several initiatives by the Government of India and the major automobile players in the Indian market are expected to make India a leader in the 2W and Four Wheeler (4W) market in the world by 2020.

• The auto-component industry of India has expanded by 14.3% because of strong growth in the after-market sales to reach at a level of Rs 2.92 lakh crore (US$ 44.90 billion) in FY 2016-17. The Indian automotive aftermarket is expected to grow at a CAGR of 10.5% and reach Rs 75,705 crore (US$ 13 billion) by the year 2019-20,

• The Ministry of New and Renewable Energy (MNRE) has set an ambitious target to set up renewable energy capacities to the tune of 175 GW by 2022 of which about 100 GW is planned for solar, 60 for wind and other for hydro, bio among other. India will need investments of around US$ 125 billion to reach this target.
 

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World Metal Forum is a complete business forum for Metal, Metal Working, Welding and all allied Industries. The Forum serves as a catalyst for development of Metal, Metal Working, Welding and all allied Industries across the globe. The formation of the forum is derived from an idea where an independent body can deliberate, debate and brainstorm on the key issues of the industry. The Forum provides global industry an ideal business platform for development and sharing their new initiatives, innovations and technologies in the sector.   
 

 
 
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