India becomes second largest manufacturer of crude steel
According to Steel Users Federation of India (SUFI), India has overtaken Japan to become world’s second largest producer of crude steel in February 2018. China is the largest producer of crude steel in the world, accounting for more than 50% of the production. Earlier in 2015, India had overtaken US to become third largest producer of crude steel.
India’s crude steel production stood at 93.11 million tonnes (MT) for period April 2017 to February 2018 and was up 4.4% as compared with April 2016-February 2017 period. This helped to overtake Japan and become second largest producer of crude steel in the world.
The growth in steel production was attributed to policies undertaken by government followed host of steps taken to curb imports, push local demand with initiatives like Make in India and implement GST and infrastructure projects, to encourage the domestic market.
Categories: Business & Economy Current Affairs 2018