Al Ahram Al Iktisadi, p.62, (3/7/2006)

Mittal ascends to the throne of the global iron industry

By: Naziera Al Effendi

The Indian billionaire Lakshmi Mittal won in the competition against Russian companies that wanted to acquire Arcelor, a Belgian iron company.  He managed to conclude the deal in spite of the racist opposition of the deal due to his Indian origin.

Mittal companies, TATA group and Indian companies working in the IT sector are all examples of how Indian trade representation is getting faster and is trying to catch up with China in this field.

The GNP of 2006 has reached 9.3% while it is 10.3 in China. In spite of the huge deficit in the balance of trade, foreign exchange in India reached $ 156.7 billion.

This takeover proves that in spite of the various challenges faced, presence of lots of religious sects India managed to prove she can catch with China.

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