The economic impact of any industry is primarily estimated by its contribution to the Gross Domestic Product (GDP). This is calculated by noting the difference between the value of the output and the intermediate inputs. The number of people working in the industry also contributes to the overall economy of an industry. These factors are some of the most crucial indicators that help one to scale the impact on the economy of an industry.
The gross value of steel is about $500 billion USD, with just over 6 million people employed. If we try to estimate the true impact of the steel industry on society and economy, then it is essential to consider the effect that the input suppliers and the output customers have on its value chain. This impact is also known as the “indirect impact”. If suppliers are taken into consideration, then you should not only include the purchases of raw materials as inputs but manufactured goods and services as well. Besides, many other industries like the construction sector, automotive, mechanical machinery industry, etc., also depend on steel for their production.
We have a wide range of studies available to calculate the impact of the variegated economic sectors on a specific national or regional economy. The latest initiative by the American Iron and Steel Institute (AISI) for the USA and the EUROFER for Europe are some of the biggest examples in the recent times. The application of the input-output tables comprising of the detailed data about the interaction with the other relevant sectors plays a significant role in it.
The Indian Steel Industry has also emerged as one of the most prominent industries in India. Besides, it has also grown up to be a dominant industry in the global market of steel. With the Best Steel Manufacturers in India, you need not even think for a second to avail quality steel products. Moreover, TMT bars have also seen a major improvement with the rise of the TMT bar manufacturers. If you are still unaware of the price of steel then click TMT Steel Bars price per kg.
This blog is sourced from https://www.worldsteel.org/media-centre/blog/2019/economic-impact-of-the-global-steel-industry.html
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