The world GDP, as reported by International Monetary Fund, was on an upturn, growing by 5% in 2010 as compared to a negative growth of 0.5% in 2009. While the growth in the advanced economies was 3.0% in 2010,in contrast to -3.4% in 2009, the emerging and developing economies grew by 7.3% in 2010 when compared to the growth of 2.7% in 2009. The growth in the developing and emerging economies slowed down during the end of 2010 as stimulus measures were slowly removed and policies were tightened in response to rising inflation and overheating concerns.
The overall growth in steel industry was 8.1% during 2010-11 compared to 8.0% in the last year. Services witnessed a decelerated growth of 9.6% as compared to a growth of 10.1% in 2009-10.Amongst the key macro-economic indicators, fiscal defcit was limited to 4.8% of GDP in 2010-11 as compared to 6.3% in 2009-10. Export and import grew positively by 29.5% and 19.0% in contrast to the negative growths experienced in the previous year. Clouds of high inflation and a temporary slowdown in the industrial growth are looming in the country as steps are being taken to mitigate such adversities .The gross steel deliveries (including the inter-group transfers) for the steel-producing entities were higher than the previous years with Tata Steel India, Tata Steel Europe, NatSteel Holdings and Tata Steel Thailand posting growth of 4%, 3%, 1% and 8% respectively. Company’s Indian operations recorded a growth of 4% in steel deliveries from 6.17 million tonnes in the financial year 2009-10 to 6.42 million tonnes in 2010-11.
The turnover for the Group in 2010-11 at Rs. 118,753 crores, was 16% higher than 2009-10 (Rs.102,393 crores). While the turnover in Tata Steel India witnessed a growth of 17% from Rs. 25,022 crores in the financial year 2009-10 to Rs.29,396 crores in the financial year 2010-11, Tata Steel Europes turnover increased by 15% from Rs....