How will POSCO’s investments in India benefit the allied industries and overall economy?
The POSCO-India project will create enormous opportunities for developing ancillary and down-stream industries close to the steel plant. Some of the industries that are likely to come up include construction material manufacturing, by-product treatment, supplement material providing, maintenance shops and downstream industries like steel fabrication, plate & coil processing. There is a vast scope of indirect employment opportunity once the ancillary industries are set up in the area. A mega integrated steel plant such as the one POSCO will build in Orissa will lead to significant growth and investment in the country. Owing to the unique nature of the steel industry, which requires large equipment facilities, the project is envisaged keeping in mind the operations of 30 to 50 years. The project will extensively contribute to the development of India’s economy and society at large.
