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Evaluating Indian Steel Industry’s Trade Competitiveness Based on RCA Index
Abstract
Steel is one of the most important pillars to the Infrastructural development of any nation. The rate of production and consumption of steel is treated as an important index of the level of socioeconomic development and standard of living of the people in any country. India stands at the 3rd position as a producer of crude steel in the world and this Industry is an important Foreign exchange Contributor to the economy. Since Iron and steel products are Imported and Exported liberally as per the existing policy and therefore it becomes necessary to analyse and evaluate the export potentials and competitiveness of the Indian Iron and steel industry in relation to the steel exports of the world as a whole. This study analyses the competitiveness and the pattern of trade flows/trade specialisation from India to world, particularly for Iron and Steel industry. Our research is mainly based on the measures of Revealed Comparative Advantage (RCA) measures or Balassa Index.
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