INDIA DOING WELL IN INDUSTRIAL PRODUCTION
BUT, NOT ENOUGH TO CATCH UP WITH LEADERS
2018-05-01 11:01
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It feels good to note the Union Law and IT Minister, Ravi Shankar Prasad’s recent tweet on India’s praise-worthy progress in industrial production. The country has emerged as one of the world’s top producers of steel, mobile phones, electricity and automobile. It mentioned that India was the world’s second largest steel and mobile phone makers, third largest electricity generator, fourth biggest automobile manufacturer. Incidentally, India is also the world’s second largest cement producer, fourth biggest coal miner and fifth largest oil refiner. India has already emerged as the world’s second largest stainless steel producer after China, but ahead of Japan, in 2016, according to the International Stainless Steel Forum. India’s stainless steel production rose by 10 per cent over the 2015 output to 3.32 million tons. India is expected to soon overtake Japan in mild steel output as well. India's crude steel production grew by 6.20 per cent to 101.40 million tonnes (MT) in 2017 compared to 95.50 MT in the previous year, a World Steel Association report shows. Japan witnessed a negative growth as its crude steel output declined by 0.1 per cent to 104.7 MT in 2017.