India occupies a prominent place in World steel industry. The country’s steel industry is catching up the pace and luring the steel majors from all over the world. The industry has gained strength from the strong Indian economy, and strong sectors like infrastructure, construction and automobile. Although India consumes less steel as compared to other Asian countries, it was ranked the fifth major crude steel producer in the world in 2008. Thus, the country offers vast scope for the steel industry in future.
However, the current market turmoil has dented the growth curve of various industries such as automobile and construction, which, in turn, has hit the Indian steel industry hard. But with the government’s plans to boost up the economy by injecting funds in various industries like infrastructure, construction, automobile and power, near future is expected to see growth.
Considering the importance of the sector in Indian growth ICC has taken various initiatives. Some of the policy recommendations of ICC were as follows:
1. Suggestions regarding policy changes for export of Iron Ore and Iron & Steel Products submitted to ministry of state for steel, Government of India
2. Recommendations regarding imposition of Import duty on different products of Steel and Iron ore
3. Representation to the ministry of coal regarding policy changes by the government
Apart from this, ICC annually arranges Mining to Steel Summit to address common issues of the sector