The Iron and Steel industry is one of the most important industries in India. It provides raw material for making industrial machinery, electrical machinery, defense equipment, railway tracks, dams, houses and a host of other industrial and consumer goods.
The energy used to produce a tons of steel has been reduced by around 60% in the last 50 years. Steel is the most recycled material in the world, with around 630 Mt recycled annually.
India ranks second-most for the production of Iron and Steel. In India, iron, and steel is made from iron ore. The Ministry of Steel in India helps in planning and making sustainable growth and development in this industry.
This industry is one of the backbones of development. Various policies are made according to the production, distribution, pricing, trade, etc. in this industry. It is one of the widely used materials all over the world. The iron and steel industry is the bottom line producer industry. This industry is the mother of all industries as it helps other secondary industries and also helps in national development. It is one of the vital aspects of stable growth and economic development.
As steel and iron both have high demands due to their cost which is efficient, durable for a longer period, and easily used. Per capita consumption of these materials is high due to increasing demand. It is the basic need for the development of various other industries. Both are used for making weapons, flyovers, bridges and also used in the construction of various buildings and monuments. As it helps in making and strengthening the economy of a country then it will also help to financial growth and also provides benefits to it and its citizens.
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