Why is iron and steel industry called the basic industry? What are the problem fcaed by this industry ?
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Iron and steel industry are called basic industry because it provides raw material for other industries such as automobile, and ship building.
Problems faced by industries:
- Poor Capital Formation
- Political Factors:
- Lack of Infrastructural Facilities
- Poor Performance of the Agricultural Sector
- Gaps between Targets and Achievements
- Dearth of Skilled and Efficient Personnel
- Elite Oriented Consumption
- Concentration of Wealth
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