Booming economy, govt schemes to drive domestic steel demand: Minister

21-January-2019

Present boom in the economy and the Centre’s Smart Cities Mission, among others, will be major drivers of the domestic steel consumption growth, Steel Minister Chaudhary Birender Singh said. The minister said government programmes such as Pradhan Mantri Awas Yojna, affordable housing and urban housing missions would also contribute to the growth of steel consumption.

“Present economic boom and government initiatives like Pradhan Mantri Awas Yojna-Affordable Housing…will be major contributors for the growth of steel consumption in the country,” Singh was quoted as saying in a statement.

Icra had earlier said the domestic steel consumption growth is expected to grow 7 per cent during this fiscal and the trend is likely to continue in 2019-20 as well, largely driven by the government’s focus on the infrastructure sector.

The steel ministry along with industry chamber Ficci is organising the fourth edition of ‘India Steel 2019 – Exhibition and Conference’ in Mumbai from January 22-24.

The minister said as India becomes the second largest steel producer in the world, India Steel 2019 will help chart out the future growth path of the steel industry.

Source: PTI