"Production and consumption of steel is often regarded as the index of a country's development " Examine the statement - Social Science - Manufacturing Industries

Question

"Production and consumption of steel is often regarded as the index
of a country's development " Examine the statement

Anuradha Mishra · Accepted Answer

Solution -
Our history tells us that when iron was discovered, rapid
development had occurred which ultimately gave strength to big
Empires The production and consumption of steel are regarded as the
index of a country's development because of the followings reasons:
(i) The production and consumption of iron and steel are the
signs of the level of industrialization, infrastructure, and
economic growth of the country
(ii) Other industries depend on it for their machinery It
provides the raw material for making various industrial machinery,
defence equipment, bridges, dams which are necessary for the
country's security
(iii) In the present period of globalization, the utilization
of trade is expanding day by day Subsequently, it is considered
that the development of steel is viewed as the asset of the
nation's growth
A country like India is rapidly increasing its steel
production India's rank in global steel production is second

"Production and consumption of steel is often regarded as the index of a country's development." Examine the statement.