Impacts of the Iron and Steel Industry in India Essay

Impacts of the Iron and Steel Industry in India Essay

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Introduction

Being one of most essential industries in India, Iron and steel industry has helped in generation of several subsidiaries and small scale industries. It also supports transport, fuel, power and communication industries. It is estimated that Indian iron and steel industry exports around 50% of total production. Production in these industries has been increasing for last 20 years. Also there is an increase in export of iron ore. Experts believe that reduction in export duty has helped iron and steel industry grow at a rapid pace. There are several players that operate in this industry in India. Major ones include Tata Steel, SAIL, Jindal Steel and power limited, Essar Steel and Bhushan Power and steel.

History of Iron and Steel Industry in India
Since independence, Indian iron and steel industry has been growing at a steady pace. Establishment of first steel plant in India goes back to 1870, when first blast furnace was built in Kulti, West Bengal and steel was first time produced in 1905. However production on a noticeable large scare started in 1907 when steel plant was established in Jamshedpur, Bihar, which started production in 1912. Post Jamshedpur other steel plants were established in Bhadrawati and Burnpur. However it was only after independence that steel industry was able to establish itself in true sense. Plants in Bhilai and Bokaro were established with help from Soviet Union and Durgapur and Rourkela came up with British and West German partnership.
Production Scenario of Iron and Steel Industry in India
This industry is classified as heavy industry as all its raw materials are heavy and massive. They employ iron-ore, lime stone and coking coal in huge quantities. Efficient transport system to carry r...


... middle of paper ...


...verseas financial markets, and rationalization of existing tax structure
Government Policy
The government has formulated policies that are favourable for steel manufacturers. However, there exists certain discrepancies in the allocation of land acquisitions and iron ore mines. In addition, the new entrants face a lot of regulatory clearances and other issues in the iron and steel industry. Indian steel industry has high custom tariffs and non-tariff barriers making its highly insulated. The competition in iron and steel industry have changed the objectives, the structure and culture of an organisation in order to achieve high efficiency and global competitiveness and the objective has already been achieved by several industries in India. But the lack of coordination between different departments of the organization and state governments are also a matter of concern.

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