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.
