EyeOfTheHorse.com
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India Steel
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Excerpted from the website:
- The steel industry in India today symbolises the general changes of a radical nature which have swept across the economic scene of the country during the current decade. These changes have been concerned primarily with the industrial and commercial sectors of the country's economy. Following the introduction of a new industrial policy in 1991,many industries, formerly reserved for the public sector, were thrown open to the private sector and were removed from the requirement of industrial licensing, i.e. it was no longer necessary for a private sector organisation to obtain a licence to set up a manufacturing unit for iron and steel. The control on price and distribution of the main producers was also removed, as was the equalisation on railway freight which had ensured that the same freight was borne by customers regardless of distance from the manufacturing point. The import of steel was also removed from the requirements of import licensing and canalisation and placed under Open General Licence. The import tariffs on steel have been progressively reduced over the years. The peak of rate of customers duty on steel has been brought down from 15% in 1991-92 to 35% in 1998-99. These steps are of some significance today, because the public sector industries of comparable size and importance, also concerned fundamentally with basic growth-the oil refineries and power plants-are only just beginning to see the first stages of open market competition of the kind to which the steel industry has been exposed for quite a few years.
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