A year ago, India’s economy was booming.
The economy grew 7.5% in the third quarter, more than double the national average of 3.6%.
The government was expecting a record growth rate.
The manufacturing sector, however, was suffering.
Steel manufacturing fell by more than 3% from the third-quarter quarter of 2016 to the fourth quarter, and the manufacturing index fell by 7.3% in January 2017.
The manufacturing index in India is an indicator of overall manufacturing activity.
India’s steel sector has been hit by three factors, the country’s chief economic adviser said last week.
The first is the decline in domestic steel production.
“The decline of domestic steel manufacturing in the last few years is not a new phenomenon, but the deterioration of the situation in the domestic steel sector and its effects on the economy have led to a very dangerous state of affairs,” Arundhati Bhattacharya told reporters.
Bhattachary, who also heads the National Steel Policy Research Institute, said that domestic steel is the third largest contributor to the national output of steel.
“A good share of that contribution is from domestic production,” she said.
“It is also the third most important component in the steel production of the country, after natural gas and iron ore.”
India’s government and steel companies are grappling with the crisis.
The government has slashed steel tariffs from 10% to 5% in April 2017.
But the steel sector still accounts for around 15% of the economy.
Bhattahary said that this could only be a temporary situation.
India is not the only economy grappling with this.
A number of other industries are also grappling with a sharp slowdown in the global economy, and there is concern that the same pattern could be repeated in the future.
“The steel sector is a critical pillar of India’s growth and the economy is a very large part of that,” said Arunder Kumar, director general of the Indian Chambers of Commerce and Industry.
“Steel industry employment has been declining steadily since the 1980s, but has now been increasing significantly over the past decade.”
According to the report, the decline of the domestic manufacturing sector has also led to the loss of around 7.2 million steel jobs in the manufacturing sector in 2017.
This is equivalent to an employment loss of about 1 million jobs.
“This is a real concern,” Kumar said.
The loss of steel jobs is one of the reasons that India’s gross domestic product fell by 4.1% in 2017, while the GDP of the manufacturing and service sector grew by 7%.
The government is working to address the manufacturing issues.
Last week, the government announced an initiative to raise steel prices by 20% over the next three years.
This was a response to an increase in demand from China, but also a sign that India is in a very tough economic situation.
The steel industry also has a huge domestic workforce.
The industry employs nearly 1.7 million people, according to the World Bank, which said in April that the industry was the second largest employer in the country.
However, the unemployment rate in the industry is around 20%.
The steel industries are a key part of the national economy.
They are responsible for nearly 60% of all domestic steel exports, and they employ over 20% of India.
The government also plans to invest $100 billion in steel infrastructure projects over the course of the next decade.
These will be the largest investments in the world.
But with the current government and the global economic slowdown, the investment seems unlikely to happen anytime soon.