NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2008/01/07 - The Indian steel industry is shining bright. The industry has all the elements that are vital to make any industry successful, from government support and domestic help to high foreign investment.
In 2006, India emerged as the second largest steel producer in terms of growth rate in Asia after China. Also, the country remained the seventh largest producer of crude steel that year, according to a market research report “Opportunities in Indian Steel Industry” by the leading market research company RNCOS. The descriptive report thoroughly evaluates the industry and tries to find out the reasons for the phenomenal growth being witnessed in the Indian steel industry. The study says that the industry is full of potential for both steel production and consumption in India and is slowly gaining the global attention.
Due to fast growth in the industry, domestic players are expanding their steel production capacity to benefit from the opportunity. Apart from the domestic makers, foreign players too are staking high on this thriving sector to rake in the profits.
The RNCOS study counts several factors responsible for the excelling Indian steel industry. It also briefs on how liberalization in the Foreign Direct Investment (FDI) has spurred growth in the Indian steel industry.
In India, the research identifies Jharkhand and Orissa as the most potential steel producing destinations. These two states, due to multiple reasons, are attracting increasing number of steel projects. The research counts several big steel projects that have been inked by the Indian government and prominent steel producers.
The Indian government is working in the direction of taking the steel industry to growth road. The report outlines various development programs undertaken by the government to fortify the position of the Indian steel industry. It also looks into the future development programs of the government which will spur growth in the steel demand in the years to come.
The comprehensive research, “Opportunities in Indian Steel Industry”, studies the structure of the Indian steel industry, with first-hand information on production and consumption. It gives a detailed account on the trade statistics of the steel industry and examines whether India is a net steel-exporting or importing country. It discusses the development of raw material, like iron and limestone, used in the production of steel in India. Apart from this, the report also updates on the opportunities and challenges in the market and based on these crucial factors, grounds the future forecast of steel consumption.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.