After almost a decade of indifferent growth, the recovery of the global economy and that of the steel industry in 2017 points to a positive outlook for India’s steel sector.
Economic growth is contingent upon the growth of the steel industry as it is used in most of the economic activities; in cars and construction products, refrigerators and washing machines, cargo ships and surgical scalpels. India has seen its steel industry growing at tandem with its economic growth – from just one million tonne (mt) in 1947, the production capacity grew to 130 mt in 2017-18.
India becomes the second largest steel maker in the world
Surpassing Japan, India has now become the second largest steel maker in the world. With China on top, India had been holding the number three slot for the third year in a row till 2017. A steady rise in production to 96.92 mt during January- November 2018 compared with Japan’s 95.86 mt made India’s production the second highest globally. While China is miles ahead of others in terms of production – 831.70 mt in 2017 – the gap between Japan and India was narrowing down in the past few years. Japan produced 104.7 mt steel in 2017 compared with India’s 101.4 mt.
Bu hikaye BUSINESS ECONOMICS dergisinin February 1-15, 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BUSINESS ECONOMICS dergisinin February 1-15, 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Elections 2024: Illusion & Reality
Whenever there is an election, we find the politicians speaking in hyperboles – and possibly, 2024 Lok Sabha has reached a crest.
Government initiatives aim to bolster rubber cultivation and innovation
Rubber tree plantation has seen significant growth in India, thanks to robust government oversight and favorable weather conditions.
Macron speaks on Europe's economic fragility
Many heads of state often speak on topics over which they have little control or vested interest.
Indian industries stand to benefit in raising of tariff on Chinese imports to the US
A delicate balance of power and influence exists between the United States of America and China.
Chabahar Port Agreement: Part of India's strategic and economic vision for Central Asia and Europe
On May 13, India and Iran signed a 10-year contract to operate the Chabahar port in Iran.
It is quite incredible to see things of interest happen with the blessings of the divine trio
Swamiji once said, “The wind of divine grace is always blowing. You just need to spread your sail.
The battle for sustainability: Earth Day's message of 'Planet vs. Plastics
World Earth Day, observed annually on April 22 worldwide, commemorates contemporary environmental advancements and promotes awareness of the imperative to conserve Earth and its resources.
Mother Teresa International Award 2024: Celebrating Humanity and Service
The Mother Teresa International Award, a prestigious honor recognizing individuals dedicated to serving humanity, will host its 2024 ceremony in Dubai, United Arab Emirates.
Can India get out of the middle income trap?
In the mid-1980s, international financial institutions moved away from calling their member countries as poor and rich countries, or as developed and less developed countries.
How is India's falling household savings rate worrisome for its development?
There has been a sharp reduction in the household net financial savings rate in 2022-23, leading to an overall decline in the financial savings rate.