Export and Import Performance of Steel in India

Abstract

Steel is crucial to the event of any fashionable economy and is taken into account the backbone of human civilization. At present, developing countries lead the expansion in world steel demand. India is presently the world's third largest producer of crude steel and is anticipated to become the largest producer of crude steel within the world before long. The country is additionally the third largest client of finished steel (83.5 Million Tonnes in 2016) within the world preceded by China (681 Million Tonnes in 2016) and also the USA (91.6 million tonnes in 2016. Steel occupies this position due to its skillfulness, strength and recyclability. The steel sector contributes to over two of the country's gross domestic product and employs around 25 lakhs utilized in steel/allied sectors. Between 2008 and 2011 India has recorded a growth of 29.2% in Steel production. Indian industry has been preponderantly serving domestic market. Consumption of steel in India is a smaller amount compared to alternative Asian steel majors specifically China, Japan, and Republic of Korea. Thus, the business has scope for growth in future. In recent times, India is that the contributor of four p.c to the world’s crude production and is anticipated to carry and retain its position in coming back years. The rapid climb of population, increase in urbanization still as increase in agricultural and industrial product together with sweetening of ordinary of living, give an honest scope for the event of Indian industry. Iron and Steel Exports stood at 7.606 million tonnes, a growth of 52.9% compared to 2016 and also the Imports stood at half dozen 0.097 million tonnes, a growth of 10.9% compared to the year 2016. This paper examines the export and import performance of Steel Industry from 2014-2015 to 2017-2018. The industry is mainly dominated by Tata Steel Ltd on the basis of overall competitiveness and financial and non - financial aspects of competitiveness.