Steel has always been the backbones of the Indian Economy since ages as it provides substantial support to the Infrastructure Industry. The ample production of the steel resulting in the increase in the export and thereby giving boost the economy and getting laurels from across the world as it is core product of the Infrastructure industry.
India's steel exports jumped by 224 per cent in January and the country shipped out 5.865 million tons of steel in April-January period of the current fiscal -- up by 71.1 per cent over the same period last year, a steel ministry's report said. "Exports in January 2017 at 889,000 tons was up by 224 per cent over January 2016 and was up by 19 per cent over December 2016," said the Joint Plant Committee report.
Imports of total finished steel in the first ten months of the current fiscal declined by 37.8 per cent to 6.097 million tons over same period of last year and in January only, imports were at 0.602 million tons, down by 41.7 per cent over same month last year.
According to the report, India's consumption of total finished steel at 68.892 million tons saw a growth of 3.5 per cent in April-January period in 2016-17 over same period of last year. Consumption in January, 2017 at 7.349 million tons was up by 4.3 per cent over corresponding month last year and by 1.4 per cent over December, 2016.
"Production for sale of total finished steel at 82.874 million tons, registered a growth of 10.7 percent during April-January in 2016-17 over same period of last year. Overall finished steel production for sale at 8.911 million tons in January, 2017 was up by 10.2 per cent over January 2016 and by 3.5 per cent over December 2016," the report added.
The increase in the production of Steel as a whole gained momentum after it got the boost from the Ministry of steel, Government of India. The Steel industry was struggling for quite some time in the past due to the cut-throat competition from the Chinese Steel Market. Chinese market were dumping the cheap steel in the Indian Market at pretty low prices hence giving stiff competition to the Major Indian Manufacturer viz. SAIL(Steel Authority of India Limited), JSW(Jindal Steel Works), TATA Steel, Bhusan Steel & Power etc. The Indian Government imposed an Anti-Dumping Duty on the certain steel products there by giving safeguard to the local manufacturer from the outside steel manufacturers.
It was a bold & beautiful step by of our Government so as to protect our very own people as they were reeling under pressure literally for quite some time as Indian Government was determined to give boost to “Make in India” initiatives. If Indian Steel Industry has to go miles in to the road of development then the government has to play the role of a sheet anchor time and again because it reminds us the tag line of SAIL i.e. “There is a little bit of steel in everyone’s life”.