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Iron and Steel production & Consumption is often regarded as the index of a country's development. Elaborate this Statement.

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(i) Steel production is the backbone of any country's economy since it is the basic unit for the development of the nation.

(ii) Almost every industry depends on iron and steel for its manufacturing and production.

(iii) In today's era of globalisation, consumption of goods is increasing. Thus, it can be concluded that growth in production of steel is regarded as the index of country's development.

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