Indian Steel Industry and its Growing Protectionism

Indian Steel Industry and its Growing Protectionism

China and the EU have been the leading producers of steel for quite some years now but India has recently replaced Japan and is currently occupying the second spot in crude steel production. The Indian Steel Industry has become from big to bigger!

Steel is truly one of the most useful metals of the century but the Steel industry is experiencing a global glut. With quality steel supplies overflowing in the nation, steel is all around us. However, the steel companies in India are failing to realise this and are still stuck with their “economic nationalism”. They are still multiplying to their production capacities to make matters worse.

The Steel industry has long known as a “strategic industry” for the Indian subcontinent. As a result, they have raised the import barriers and forced the industries, like the automotive industry, to only use locally made alloy steel.

The Indian government is strongly holding on to the steel industry as its “strategic industry” steel and raising the import barriers. However, this is turning out to be a real challenge for the downstream industries that could have been much more efficient and prolific in their own field.

Whether it is construction or heavy machinery, factories or small pieces of equipment for our daily use, steel serves all of its purposes quite diligently. Thus, a hike in the prices of steel is bound to increase the price in general, thereby, affecting the overall efficiency. This will pile up with the country’s present economic woes.

To avert the situation, India can only try and discover its strategic industries after calculating the total domestic value they earn for their nation, along with their efforts in contributing to the profitable exports and jobs. The stereotypical definitions of “strategic industry” need to be changed for good!

However, when it comes to building your home/office, never fail to choose the Best Steel manufacturer India because it’s not the steel, it’s the quality, that matters. Now, click TMT steel price per kg to know the prices without a hassle!

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