The Indian steel industry has gone through a period of restructuring. There has been a thorough overhaul of the policy regime. This has helped India improve its ranking among global steel producers from the 9th place to the 7th place. Yet, compared to the global average per capita consumption of 150 kgs. our per capita consumption of steel is still a mere 39 kgs. per head. Even by Asian standards we have a long way to go in the consumption of steel.
In India too, demand is bound to grow. This is why there is growing interest in investing in our steel sector. Our manufacturing costs are internationally competitive today and we have to ensure that they remain so in years to come. The increasing number of global steel majors who have announced plans to set up steel-making facilities in India gives a fair indication of the comparative advantage of manufacturing steel in India provided we can create the right policy environment.
Source: www.indianbusiness.nic.in
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