Steel is the foundational material of modern civilization and constitutes the core of industry, and yet, it is overproduced across the world. This supply glut is reducing margins and turning steel into a sunset industry. Steel consumes as much as four times the amount of raw materials as its produced volume, and the sheer bulk of the steel makes it costly to transport. Because of this, countries prefer to make their own rather than to source it across land and sea. The Indian steel industry has grown from being the tenth largest steel producer in the world in 1991 to emerging as the second largest, after China. This book aims to reveal, through data and the use of simple economic concepts, the mistakes that abound in the discourses surrounding the steel industry. Its main objective is to dispel the many myths that are perpetuated by policy makers and the industry in order to benefit a small coterie of large firms, and discusses how through such favours the Indian steel industry is set to lose out in terms of margins, products and growth in technology. It covers the unique role of the Indian state in the development of the broad base of steel production, and observes the change in the direction in policy, which reverses the economic equality of the past and promotes collusion among oligopolies leading to overexpansion in capacities. Economics of the Indian Steel Industry will be of interest to students of industrial economics and corporate strategy, as well as financial managers and policy makers.
This volume provides a state of the art review of current thinking on the full range of trade policy issues, addressing the economic and political dimensions of international trade policy. The volume contains a systematic examination of: - specific trade policy instruments (such as tariffs, non-tariff barriers and trade rules) - sectoral concerns (in agriculture, manufacturing and services) - trade linkages (to issues such as the environment and labour standards) - systemic considerations (what role for the WTO?) The organising theme of the volume is that open markets for trade and investment yield large potential gains in human welfare as long as trade policy is conducted as an integral part of broader domestic economic management and regulatory reform, and as long as the particular challenges facing developing countries are effectively addressed. This 'case' is presented on the basis of rigorous analysis of first principles and of empirical experience among key trading nations. An integrated set of original and comprehensive perspectives from a diverse group of experts, linked by a common organisational thread. The contributing authors create an ideal mix of internationally recognised experts together with younger specialists making their mark in trade policy analysis; academics as well as trade policy practitioners; and representatives of both developed and developing countries.