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Last Updated:[17-02-2014 04:01:27 EDT] Zoom in Zoom out Back to Tradenews

India Set to Become the Second Biggest Steel Manufacturer by 2016

tradenews International trade experts believe that India is all set to overtake the United States and Japan by 2016, to emerge as the second largest steel manufacturer in the world, behind China. This development is ascertained due to a string of changes implemented across the Indian Steel industry that is expected to bear fruit, sooner than later. Currently, India is the fourth largest manufacturer of steel in the world, trailing behind China, the EU, Japan and the United States respectively. The total steel production of the country is currently pegged at 89 mtpa, a commendable hike from 35 mtpa,about ten years ago.

The current international market is boding well for the resurgence of the Indian steel industry. The sharp depreciation in the value of the rupee has helped the Indian steel manufacturers as they are able to export more of their produce. Simultaneously, western economies are making a good come back from their earlier financial troubles, thereby being in a better position to purchase from Indian manufacturers. Things are also improving in the domestic front- more and more steel mines that had earlier been marked as banned and not applicable for commercial mining are being put back into action- especially the mines in the state of Karnataka. Plus, in the 12th Five-Year Plan (2012-17) the steel companies have been mandated to invest around Rs. 91,000 crore into their business operations. These steps, if professionally implemented, will lead to India taking over that coveted second spot in the list of the largest steel manufacturers in the world.

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