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| Indian steel factory |
The producing of steel in India is permanently growing since the independence of the country. One of the reasons for this steady growth is India's government special policy witch allows to foreign companies to establish steel plants in India. Other measures of the government were the reforms that were started in 1991. Since then a number of industries has progressed and one of them is the steel industry. Some of these reforms were made to make possible the investments of foreign companies in India. In 1992 the government removed all types of control on the prising and distribution of steel. This had huge impact as rising the competitiveness of the industry. Other measures were low import duties, and easy tax structure. All these steps for stimulating the economy had helped for increasing the steel producing more than three times for less than 20 years. In 1991 India has produced little more than 14 million tones of finished carbon steel. In 2008 it manufactured more than 48 million tones of the same material. For this period India has become one of the main exporters of steel and important player on the steel market. India's main competitors are Russia and USA. The main companies that operate in India are called “Salem steel plant”, “Bhilai steel plant” and others.
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| Steel producing |
The global financial crisis had very big impact on the industry. The export of Indian steel has reduced with one – third but now this is past and Indian businessmen are looking forward with hope.We will have to wait to see what will happen.
