Analysis Report Tata Steel of India Research Paper - 1

Analysis Report Tata Steel of India - Research Paper Example The Indian Government has pursued a policy of progressively opening India’s local economy to foreign competition, and there is currently no levy or tax restriction on the import and export of iron and steel products. (India Ministry of Steel, 2009) The consequence of this is considered to be increased competition in the sector, and lower prices, particularly as set by Chinese steel producers for export. China produced over 10 times the steel capacity of India, at 567 million metric tons in 2009 compared to 56.1 million metric tons produced by India in the same period. (India Ministry of Steel, 2010) Nevertheless, Tata Steel has produced a corporate strategy to meet these competitive challenges, and this includes sustainability policies directed at the greater welfare of workers, the environment, and community. This report will review Tata Steel’s sustainability policies as implemented by corporate management to determine the success of these programs and to recommend ch anges that are mutually beneficial to the stakeholders of the company. Tata Steel states publicly that â€Å"the primary purpose of a business is to improve the quality of life of people.† (Tata Steel, 2011) This tenet constitutes the cornerstone of the company’s sustainability policy and represents the wider mandate held by corporate management on behalf of stakeholders. In India, there is a need for social and economic development that uplifts people out of poverty. One of the main processes that enable individuals to improve their living condition in the modern, globalized economy is the possession of a professional, well-paying job. Another factor is the level of education that an individual receives in the formative years of development.