India narrowing gap with world leader China on steel sector
India ranks next only to China to profit from jobs supported or facilitated by the steel industry. A report published by Oxford Economics for World Steel Association (WSA) shows India, with 30 per cent of global jobs in steel industry, is steadily closing in on the gap with China which tops the rankings, with a 36 per cent share.
The findings are based on the study for 2017 when the steel industry engendered 96 million jobs.
“Our ‘narrow’ approach assumes that the share of work facilitated by steel equates to the share of steel in each customer’s total purchases of external inputs. By this metric, we estimate that the steel industry facilitated a further $1.2 trillion of value-added output in 2017, and supported an additional 49 million jobs around the world”, the study titled ‘The Role of Steel Manufacturing in the Global Economy’ said.
“Combining this finding with our earlier results, we calculate that the total value-added contribution either supported or facilitated by steel in 2017 was US $2.9 trillion. Equivalent to 3.8 per cent of global GDP that year, this activity is estimated to have supported a total of 96 million jobs”, it added.