Question

What is the importance of the Iron and Steel Industry?

Answer 1

Hint: Steel is basically an alloy that is formed from Iron and Carbon. It is one of the most utilized and one of the important engineering and constructing materials. Iron is a chemical compound with various surprising physical and chemical properties.

Complete Answer:
The iron and Steel industry is one of the most important industries in India. India ranks second-most for the production of Iron and Steel. In India, iron, and steel is made from iron ore. The Ministry of Steel in India helps in planning and making sustainable growth and development in this industry. This industry is one of the backbones of development. Various policies are made according to the production, distribution, pricing, trade, etc in this industry. It is one of the widely used materials all over the world. The iron and steel industry is the bottom line producer industry. This industry is the mother of all industries as it helps other secondary industries and also helps in national development. It is one of the vital aspects of stable growth and economic development. As steel and iron both have high demands due to their cost which is efficient, durable for a longer period, and easily used. Per capita consumption of these materials is high due to increasing demand. It is the basic need for the development of various other industries. Both are used for making weapons, flyovers, bridges and also used in the construction of various buildings and monuments. As it helps in making and strengthening the economy of a country then it will also help to financial growth and also provides benefits to it and its citizens.

Note: India is the largest producer of Sponge iron. TATA is the biggest industry of Iron and steel located in India. Steel and Iron both are freely exportable and importable and hence commonly used by everyone for various tasks. None of the industry will survive without this industry.