STEEL INDUSTRY OF INDIA: TRENDS AND PROSPECTS
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While there are several benchmarks of economic development, it can justifiably be maintained that the consumption of steel is a leading indicator of economic development and has been so in both the capitalist and socialist models of economic growth. To be sure, steel has been a pre-requisite in traditional sectors, such as, construction, housing and ground transportation. But it has be realized that special steels are increasingly used in engineering industries, such as, power generation, petrochemicals & fertilizers and, therefore, the steel industry salubriously influences the process and pattern of economic development – more than ever before – by triggering a ‘virtuous cycle’.
No wonder, then, that the growth and transformation of the steel industry seen in terms of the level of per capita consumption of steel and as a catalytic element in key industries powering India’s industrial growth constitutes a corner-stone of India’s development policy.