Trend of Steel Demand in India

Abstract

The Indian Steel Industry has just celebrated its Golden Jubilee. It is a rather sad commentary on the country's progress, that the total output of steel over this period has reached no more than 1.3 million tons a year of finished steel or 1.7 million tons of ingot steel. However, since independence and particularly after 1956, when the Second Plan was announced, the expansion of the steel industry has received considerable attention. The aim of Government's Industrial Policy of 1956, is to accelerate the rate of economic growth by speeding up industrialisation particularly through the development of heavy industries. The State has assumed a predominant and direct responsibility for setting up new industrial undertakings of a basic character. In exercise of the powers conferred by the Essential Commodities Act, the Central Government has controlled the production, price and distribution of iron and steel mill products.