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Interscience Management Review

Abstract

India’s efforts to maintain it’s rapid economic growth rate will depend largely on it’s Greenfield projects. The rising demand for steel in domestic markets as well as in the International markets have made the steel prices soar up in recent years. The Indian steel industry is receiving huge domestic and foreign investments in Greenfield projects in the steel sector. However, other than the already planned steel plant projects, most of the proposed steel Greenfield Projects in the country continue to struggle to see any progress . Development of Greenfield steel projects in India has virtually come to a standstill. Many of these projects have stagnated due to issues like land acquisition, rehabilitation and political interference. Projects should either be rejected or, if approved, implemented with speed. We do need to boost Greenfield capacity addition in steel with holistic, coordinated policy design, and actualise long-pending investment proposals. This paper discusses the special case of POSCO and it’s Greenfield steelworks in Orissa. To catapult India into a steel superpower, POSCO would contribute 12 mtpa from its Greenfield project. There have been no progress in POSCO project since 2005 due to the land acquisition and environmental clearances problems. A special Social Cost Benefit Analysis study have been conducted to prove the economic benefits of the POSCO project for the people of Orissa and the employment and GDP growth it will bring along with it.

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