India՚s Steel Import and Export Currently

The Joint Plant Committee՚s annual report on steel sector for the time period 2016 - 17, India՚s import of total finished steel declined 36% to 7.4 million tonnes (MT) . The country have had a quite well tariff in the producton also. The crude steel production has been 97.358 MT during April-March 2016 - 17, which has increased at 8.5% over the previous year steel production.

India՚s Steel Import and Export Currently

What is the Steel Sector?

  • It is one of the most important industries in India
  • In the year of 2014 through 2015, India had been the 3rd largest producer of raw steel and had been the sponge iron in the world
  • The industry produced 91.46 million tons of total finished steel and 9.7 million tons of pig iron.
  • Iron ore has been used to produce most of the iron and steel
  • The ministry of steel and iron have concerned regarding the: the coordination and planning of the growth and development of the iron and steel industry in the country, both in the public and private sectors; formulation of policies with respect to production, pricing, distribution, import and export of iron and steel, ferro alloys and refractories; and the development of input industries relating to iron ore, manganese ore, chrome ore and refractories etc. , required mainly by the steel industry.
  • The public sector undertakings market their steel through the Steel Authority of India
Image Shows the India Steel Trade Graph for Export & Import

What is Joint Plant Committee?

  • It was constituted in 1964 by the government of India
  • It was made to formulate the guidelines for production, allocation, pricing and distribution of iron and steel materials
  • It went through a major transformation in 1992
  • It had been made so that it can be a facilitator for industry, focusing on giving from to a comprehensive and non -partisan databank - the first of its kind in the country - on the Indian iron and steel industry.
  • It is the only institution in the country which collect and report data on the Indian iron and steel industry
  • The headquarters being in Kolkata regional offices in New Delhi, Kolkata, Mumbai and Chennai and an extension centre in Bhubaneswar, engaged in data collection.
  • The Economic Research Unit (ERU) at New Delhi serves as a wing of JPC to carry out techno-economic studies and policy analysis.

Examrace Team at Aug 20, 2021