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.
Mario I. Blejer is a former governor of the Central Bank of Argentina and former Director of the Center for Central Banking Studies at the Bank of England. Eduardo Levy Yeyati is Professor of Economics at Universidad Torcuato Di Tella and Senior Fellow at The Brookings Institution.
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