India is approaching an embarrassing milestone. In the next few weeks, the country will for the first time become a net importer of steel. Nor will the deficit be a blip. Domestic demand is set to grow 10 per cent this year in India’s red-hot economy while new supply is at least four years away.
In a land of abundant iron ore – the key raw material required to make steel – the imbalance smacks, at the very least, of bad planning.
