Explanation:

The iron and steel industries are among the most important industries in India. During 2014 through 2016, India was the third largest producer of raw steel and the largest producer of sponge iron in the world. The industry produced 82.68 million tons of total finished steel and 9.7 million tons of raw iron. Most iron and steel in India is produced from iron ore.Policy for the sector is governed by the Indian Ministry of Steel, which concerns itself with coordinating and planning the growth and development of the iron and steel industry, both in the public and private sectors; formulation of policies with respect to production, pricing, distribution, import and export of iron and steel, ferro alloys and refractories; and the development of input industries relating to iron ore, manganese ore, chrome ore and refractories etc., required mainly by the steel industry.Most of the public sector undertakings market their steel through the Steel Authority of India (SAIL). The Indian steel industry was de-licensed and de-controlled in 1991 and 1992 respectively.