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In the run to make India, the exporting powerhouse, the Modi government, within 5 months of rule, has outran all the records of import of steel as well as the import of iron ore .
Even though the country produces enough capacity to meet the demand of the domestic industry, the import of steel from China, the largest producer, has doubled in the period between April and September, compared to the imports from the previous year.
As soon as Modi pushes the initiative of Make in India, the cheap steel from China would flood the industry, with the immensive hike in demand from the country, and provides a better way for China to get rid of its cheap supply. Steel makers in India, including JSW, are demanding the government to increase the tax, which is being imposed on the steel imports from China.
The Deputy General Manager of Marketing, in Steel Authority of India, Ravinder Bhan, stated that, the slogan 'Make in India', should also be considered in the case of steel. The government is failing to provide the steel manufacturers with the required iron ore for production.
The third largest economy of Asia, India, is a long term exporter of both iron ores as well as coal, when they have plenty of resources of both at home itself. One of the top steel producers in India stated that, the increase in import of steel in India, is due to the court order which banned the production in the iron ore mines located in India.
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- [Editor:sunzhichao]
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