The Indian steel industry is among the upcoming industries of the world. It has a number of iron ores, which means that it has plenty of resources from which to draw its raw material.
The rate of production of steel in India has been going up at a steady rate in the last few years. In the recent times Orissa and Jharkhand have been identified as the potential steel destinations of India - the ones that would provide the Indian steel industry with its necessary raw material. There are also a number of steel companies in India like Tata and ArcelorMittal that are either coming up or have established themselves as prominent forces in the world steel scenario.
In the recent times a lot of foreign direct investment is being made in the Indian steel industry. In fact the rate of investment has increased in the last few years and, to a certain extent, this increase has been contributed to by the growth potential of the steel industry of India that is thought of as being impressive in the international steel circle.
In the recent years a number of major steel corporations of the world have come flocking to India to avail the benefits of the flourishing steel industry of India. The number of steel projects in India has increased as well and this implies that the number of companies lining up to participate in these projects would be increasing too.
There are certain challenges that are being faced by the Indian steel industry of late. There are certain issues regarding the condition of the infrastructural facilities available and the skill level of the members of the steel fraternity.
The levels of skill of the various technical people associated with the steel industry has been found to be wanting and this has been a result of the inability of the Indian steel industry to attract the best people from the world of engineering and technology. The state of infrastructure needs to be improved so that the production of steel can be taken to the next level.
India has traditionally been regarded as one of the top steel producers of the world. In 2004 it was ranked as the seventh largest producers of steel in the world, which is testimony to the standing of the Indian steel industry of the world. India is also supposed to have the best growth potential in the context of steel and is preceded only by China, which is a prominent steel producing and consuming country of the world.
While many people would like us to believe that wind and solar PV will solve all of our problems, the more a person looks at the question, the clearer it becomes that wind and solar PV added to the electric grid are part of the problem, not part of the solution.
Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".
Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.
Andrea Edwards has worked in marketing and communications all over the globe for 20 years, and is now focused on her passion – writing. A gifted communicator, strategist, writer and avid blogger, Andrea is Managing Director of SAJE, a digital communications agency, and The Writers Shop – a regional collaboration between the best business writers in Asia Pacific