Steel Industry

Steel industry in India is a major industry that shows signs in the economy in India.

Indian steel industry is a well developed industry and it has shown constant growth all the time despite economic slow downs and other reasons.

The industry reforms in 1991 and nest few years pave newer ways to this industrial growth and all the assistance to this industry have been utilized to the maximum and today steel industry in India have shown unmatched developments in Economy in India.

The followings are the major steel manufacturing plants in India creating history in the steel industry all over the world.
• Salem steel plant, Tamil Nadu
• Bhilai steel plant, Chattisgarh
• Durgapur steel plant, West Bengal
• Alloy steel plant, West Bengal
• Visvesvaraya iron and steel plant, Karnataka
• Rourkela steel plant, Orissa and
• Bokaro steel plant, Jharkand

In 1991 the Indian government took off the license requirements and also opened the gates of opportunities to private players and foreign investments. This made this industry to get more investments and that created more players and more production.

The following year also has seen few encouragements to the steel industry in India. This year the government of India removed over the distribution system, and pricing and the same made this industry to become more efficient and competitive. The same year has seen a lot of measures by the government of India like unrestricted export and import, lower import duties and easier taxation structures.

These reforms have given the result that is expected from the industry and that created India - the growing power of steel in the world. In 1992 the total steel production was around 16 million ton and the same is grown up to 50 million tons in 2008. Yes, India has increased its capacity of steel production to 350 percent in only six years.

This is possible by the primary and secondary players in the steel manufacturing in India. The demand also was growing with the supply which is about 43 million tons in the year 2008. A considerable part of the production was also exported to different countries.

Toda India is at the seventh place in the world in terms of crude steel production. It is only the beginning of a new era and it is obvious the steel industry in India is growing continually and passing on the same benefits to the economy in India too.