Learn about the growth of the basic metal industry in India
India has huge deposits of natural resources. The basic metals industry is among the booming industries in the country. The basic metal industry comprises of iron based and non-iron based metal industries and products. With the government initiating open market policies, the industry changed forever and grew in all directions. Today, there are lots of investments in the sector and advanced technology is being used to compete with the international market. India has improved in areas like an open hearth, blast furnaces, oxygen furnaces, electric arc furnaces and more. The industry has attracted many domestic and foreign investors. The Indian engineering sector is growing at a great speed due to the infrastructure and production. Indian economy considered engineering sector to be a core industry as it is closely associated with the economy of the country. Exports in this sector are rising like the transport equipment, machinery, castings, fasteners, etc.
Investments and initiatives of the government
The engineering and the metal machinery sector has grown since independence and today there are many foreign players who are participating in the growth and expansion of metal industry and other sectors. Today there is no dearth of technology as here you see the most advanced one in the machinery and industry operations. The favorable regulatory policies have played their part in the progress of the industry. The ‘Make in India’ campaign has been well received by several industries and engineering sectors, allowing multinational to take part in it. The government has also relaxed various taxes on products and other excise duties to promote the industry.
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