STOCK MARKET DESK

The Indian Steel Industry, is today acknowledged for its product quality. This is reflected by trends of rising exports and Indian companies mark in the global Mergers & Acquisitions market. From the fledgling one-million tonne capacity status at the time of Independence, India has now risen to be the 7th largest crude steel producer in the world and the largest producer of sponge iron. The steel industry now accounts for a capital base of Rs. 90,000 crore and contributes around 6 per cent of the Gross National Product, commanding a weight of 5.13 in the Index of Industrial Production and provides direct employment to more than 4 lakh people from being a negligible global presence.

The first major change came during the first three Five Year Plans (1952-1970), when in line with the economic order of the day, the iron and steel industry was earmarked for state control. From the mid 50s to the early 70s, Government thus set up large integrated steel plants in the public sector at Bhilai, Durgapur, Rourkela and Bokaro.