describe the iron and steel industry of india
Iron and steel industry in India The iron and steel industry is one of the most important industries in India. During 2014 through 2015, India was the third largest producer of raw steel[1] and the largest producer of sponge iron in the world. The industry produced 91.46 million tons of total finished steel and 9.7 million tons of pig iron. Most iron and steel in India is produced from iron ore.[2] The Indian Ministry of Steel is concerned with: the coordination and planning of the growth and development of the iron and steel industry in the country, both in the public and private sectors; formulation of policies with respect to production, pricing, distribution, import and export of iron and steel, ferro alloys and refractories; and the development of input industries relating to iron ore, manganese ore, chrome ore and refractories etc., required mainly by the steel industry.
Economy of India India has one of the fastest growing service sectors in the world with an annual growth rate above 9% since 2001, which contributed to 57% of GDP in 2012–13.[41] India has become a major exporter of IT services, Business Process Outsourcing (BPO) services, and software services with $154 billion revenue in FY 2017.[42][41] This is the fastest-growing part of the economy.[43] The IT industry continues to be the largest private-sector employer in India.[44][45] India is the third-largest start-up hub in the world with over 3,100 technology start-ups in 2014–15[46] The agricultural sector is the largest employer in India's economy but contributes to a declining share of its GDP (17% in 2013–14). India ranks second worldwide in farm output.[47] The industry (manufacturing) sector has held a steady share of its economic contribution (26% of GDP in 2013–14).[48] The Indian automobile industry is one of the largest in the world with an annual production of 21.48 million vehicles (mostly two and three-wheelers) in 2013–14.[49] India had $600 billion worth of retail market in 2015 and one of world's fastest growing e-commerce markets.[50][51]