Steel In­dus­try Wants New Govt to Push De­mand

The Economic Times - - Economy -

Bat­tered by sub­dued de­mand, steel firms are look­ing for­ward to the new govern­ment to help re­vive con­sump­tion that will sort out var­i­ous prob­lems plagu­ing the sec­tor. The govern­ment will be in place fol­low­ing the re­sults on Fri­day of the just-con­cluded gen­eral elec­tions. “We don't need many things. Our sole de­mand from the new govern­ment is to help im­prove the de­mand for steel, which was at its low­est in sev­eral years last fis­cal. Im­proved de­mand will solve var­i­ous prob­lems that are im­pact­ing the in­dus­try,” said an in­dus­try of­fi­cial. Steel con­sump­tion in 2013-14 grew by just 0.6%, the low­est in four years, to 73.93 mil­lion tonnes, hit mainly by slow ex­pan­sion of the do­mes­tic econ­omy. In 2012-13, too, it was very strong, grow­ing just by 3.3% on ac­count of a slack­en­ing econ­omy and a high in­ter­est rate regime.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.