Success Story Of Steel Industries In India

India has always been affluent with almost all types of natural resources, however its true potential has been identified only recently with the growth of industrialization. The recent rapid growth of steel industry in India ascertains this fact.Press Information Bureau recently has published its report on global steel industry. The organization has acknowledged the contribution of India in global steel industry. It has been ranked at the second from top for crude steel production, and fourth from top for steel production throughout the world. This huge growth in the production of steel in India has been attributed to the huge demand from local and international market. As developments are taking place all over India this time, the demand of steel is much higher than ever this time. As the country is passing through a developing phase, it is expected that there will be huge demand of steel in almost every sector including infrastructure, transportation, construction, housing, and others.The steel production in India was initiated sometime in 1950, with the first manufacturing plant established in “Rourkela”, in the state of “Orissa”. This was a joint venture between Indian government and two German measures “Demag AG” and “Fried Krupp”. This very plant is known as Steel Authority of India (SAIL) today. Its production capacity had grown to 2 million tonnes per year. SAIL is a reputed brand in Indian steel industry today. Two other plants established near around same horizon are in “Bhilai”, and “Durgapur”. Entire steel industry in India was being ruled solely by Indian government till 1990. It was limited to national borders till this time. It was in the last decade of the century when economic policies were liberalized to entertain private players in Industry. This revolutionized the entire potential of steel industry in India and technology was introduced to meet global parameters. This is only last 10-15 years time which has put India ahead among top players of steel industry globally.There have emerged some very reputed names in this industry from India which are shining globally such as “SAIL”, “TATA Steel”, “RINL”, “ESSAR”, “ISPAT” and “JVSL”. The measure public enterprise SAIL has experienced tremendous growth in recent years with its production capacity reaching to the high level of 30 million tonnes approximately. This semi-government enterprise has registered profit more than some giant global international players such as “Nippon”, “ArcelorMittal”, “Bao Steel” and “Posco”.National Steel Policy has predicted the steel production capacity of India to reach 110 million tonnes by the year 2020. If the current consumption rate continues, India is sure to acquire top position in steel production globally. Steel sector therefore is contributing greatly to the economic development, and employment creation in India with brighter future prospects.Steel manufactures in India are very excited with the current performance of industry and their future prospects. Huge investment proposals from global players are lined up to start production facilities in several parts of the country. This has only been possible because of high quality of ores and final product too.