In a developing country like India, the performance of various industries greatly determines the growth of the economy. This realization has made the economic planners to implement various policies and programmes for the development of industries. Among the various industries, Steel industry has attracted much of the attention of the policy makers as it is one of the major industry in India. The domestic steel industry has faced new challenges and due to the high cost of commissioning of new projects, the developed markets face many problems. The domestic demand too has not improved to significant level. The litmus test of the steel industry will be to surmount these difficulties and remain globally competitive. This paper presents the Indian Steel  scenario of steel industry as well as Production, consumption and growth of steel industry between 2014-15 to 2015-16  in India. In the second part; the author has made an attempt to highlight the the challenges and opportunities of Indian steel industry.

KEYWORDS: Steel Industry, Domestic Demand, Supply, Production, Import, and Export