India has emerged as the third largest steel producer, beating Russia and United States. The decrease in demand and sharp production cuts in these countries has apparently propelled India into the top league.
As per the latest reports from the World Steel Association, the US cut production 52.5 percent during quarter ended March, 2009, and Russia 33 percent.
Conversely, India saw just a decline of 7.9 percent, in the same period. China and Japan occupied the top two positions.
Healthy domestic demand has strongly supported the steel sector in weathering the downturn. In fact, Indian steel industry is not export oriented and the country is a net importer, informed the chief financial officer of one of the leading steel companies in India.
Besides, government’s stimulus packages have also worked wonder for the steel industry in India.
World steel production during January-March was 264 million tones, a 22.8 percent drop over the first quarter of 2008. Asia manufactured 173 million tones of crude oil, a decrease of 8.9 percent.
The European Union produced 30 million tones, a decline of 43.8 percent. North America showed a 52.1 percent decline. Decrease in demand across United States and Europe is said to have contributed significantly to the sharp falls in the production.
Though India’s March production was low, it was better than February 2009 performance, signifying robustness in the local demand.
Airtel, world's third largest 'in-country' mobile operator
With its subscriber base crossing the 100 million mark, Bharti Airtel has reached a new milestone, as the world’s third largest ‘in-country’ mobile operator.
This landmark achievement makes every fourth mobile user in the country a subscriber of Bharti Airtel - a company founded in 1995 as Bharti Tele-ventures
The Indian telecom sector is known to provide the most affordable services in the world and has grown significantly in the last decade.
"We are proud to have led the telecom revolution that made a positive impact on the lives of people in every corner of the country as well as the Indian economy," informed Bharti Airtel Chairman Sunil Mittal.
He further added "This remarkable journey to 100 million customers is a testament to the vision and commitment of the company that benchmarks itself with the best in the world".
Apart from 25 percent subscriber share, Bharti Airtel has 30 percent market share in terms of revenue. Currently it is placed behind two Chinese companies in terms of subscriber size.
Bharti Airtel has been adding about 3,000 base stations in a month, and Mittal said it is for the first time an Indian player has emerged as the major player in the telecom domain.
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