MUMBAI, India, Aug. 10 -- Intellectual Property India has published a patent application (202641089979 A) filed by Mugada Venkatachary; and Dr Kambagowni Venkata Subbaiah on July 24, 2026, for Forecasting Steel Demand In India By 2050 : Econometric Modeling.
Inventors include Mugada Venkatachary; and Dr Kambagowni Venkata Subbaiah.
The application for the patent was published on July 31, 2026, under issue no. 31/2026.
Abstract: Abstract Steel plays a crucial role in the economic development of a Nation. It is the most widely used metal in modern society and plays a key role in improving the standard of living, industrialization and urbanization. As steel is an intermediate product used for producing finished goods, its consumption is arrived at through the method of derived demand. As a result, predicting the demand for steel is more difficult and complex as compared to several other products. Forecasting demand for steel in India is considered necessary as steel industry is capital intensive with longer gestation periods. Keeping this in view, it is always essential to forecast the demand for steel much in advance and take appropriate actions for increasing capacity to meet the demand. It is also very important to develop a sophisticated forecasting technique for steel consumption as well, in order to match the demand and consumption levels. In the present study, forecasting steel demand in India has been carried out through an aggregative method, which is a top down approach, wherein a relation between steel consumption and major economic parameters has been established. Various forecasting techniques have been explored for arriving at the forecasts through the aggregative method. Out of these, Auto Regressive Integrated Moving Averages (ARIMA), which are time series multivariate models have been found to be suitable for the present study. Data sets of gross domestic product of India for 70 years, consisting of primary, secondary and tertiary sectors of the economy and steel consumption from 1950 to 2019 are used for the analysis.
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