Tuesday, 2 June 2015

National steel policy will significantly transform the fate of Iron and Steel industry

Contribution of the iron and steel industry has always been considered as a symbol of economic growth, till date this industry has played pivotal role in the infrastructure and fundamental amenities contributed towards humongous economic progress. Market survey has shown that we had produced 66.8 million tonnes from 2010 to 2011, whereas China, manufactured 626.7 million tonnes. Data collected on the basis of evaluation of steel market brought to the notice that we use nearly at 50 kg of steel every year, this is really a poor picture compared to the world’s average consumption which is approximately 200 kg every year and developed world’s per year utilization of steel is 350 kg per person.The National Steel Policy which was drafted in the year of 2005 eyes on speeding up the process of total steel production in the country to 110 million tonnes between 2019 to 20 from 38 million tonnes.

Iron market has spurred an annual growth by approximately 7.3 percent. This industry is gradually marking its foot print in this field very firmly; total outcome in the year of 2010 was nearly 66.8 million tonnes. Many companies have accepted brownfield expansion projects that have also given small setback. To understand this growth in more simple tone, per head use of steel denotes the technological up gradation of a nation. Everyone is now aware about a fact that India owes one of the richest stocks of all the crude materials which is necessary to establish any industry viz. land, capital, marginal labour, iron ore, power, coal etc. All these elements are available in plenty.  But still we rank 5th globally for the manufacturing of steel.

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