GOVERNMENT POLICY AND FDI TRIGGERING GROWTH OPPORTUNITIES OF IRON AND STEEL IN INDIA

The Indian Iron and Steel is nearly a century old, with Tata Iron and Steel co. as first integrated steel plant to be set up in 1907.It was the first core sector to be completely freed from the licensing regime in 1990-1991. The New Economic Policy initiated in the 1990's influenced the Indian Iron and Steel industry in many ways. For steel makers, economic reforms opened up new channels for their inputs at competitive prices from the overseas markets while unveiling new markets for their products. It also led to a greater access to information on global operations and techniques in manufacturing. Infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling India's overall development and enjoys intense focus from Government for initiating policies that would ensure time-bound creation of world class infrastructure in the country. The Indian National Government has been pretty liberal with their approach to the foreign direct investment being made in the country. The Indian government has also relaxed the various foreign investment laws. This has led to more international steel giants coming to India to tap the abundant resources present in the country. The increased interest shown by such companies has led to a growth in the steel industry of India. The steel industry of India has a very high growth potential and is expected to register significant growth in the coming decades. India is expected to emerge as a strong force in the global steel market in coming years. The Researcher has made an attempt to know the review on Government Policy and FDI and its impact on Indian Steel Industry growth.