Question

What is the importance of the iron and steel industry?

Answer 1

Iron ore and steel industryis one of the basic industries of the country and plays an important role in strengthening the economy. The role of iron and steel industry in India is very important for the development of the country. Iron and steel are among the most important components required for the infrastructure development in the country.
Role of Iron and Steel Industry in India:

• The iron and steel industry in India is one of the fastest growing sectors.
  
• The demand drivers for the Indian Iron and Steel industry are increase in the activities of the automobiles industry, real estate industry, transportation system, aircraft industry, ship building industry, etc.
  
• India ranks 5th in the world in terms of production of steel.
  
• The amount of crude steel produced in 2006-07 was 50.71 million tons.
  
• The amount of finished steel produced in 2006-07 was 51.9 million tons.
  
• The production of finished steel was increased by 16.52%.
  
• The production of finished carbon steel was 24.8 million tons in the year 2006-07.
  
• It is expected that India would become the second biggest producer of steel within the year 2016 and the production per year would be 137 million tons.
  
• The exports pertaining to the steel industry was 6.26 % during the period 2006-07.