New, July 8 (Inditop.com) The steel industry, supported by domestic demand and the government’s increased infrastructure spending, will witness a growth this fiscal, Steel Minister Virbhadra Singh said here Wednesday.
“The industry will see a major recovery this year and will grow at six-eight percent,” Singh said at a conference organised by the Associated Chamber of Commerce and Industry of India (Assocham).
“The financial crisis and high input costs have eroded profits of steel companies. But the government’s increased spending on infrastructure will push domestic consumption, boosting the sector,” the minister said.
The industry recorded over 5 percent growth in consumption and 3.4 percent rise in production during the first quarter this fiscal.
“The per capita consumption of steel in our country is 46 kg, which is much below the global average of 150 kg. We aim to increase the target to 90 kg by 2014,” Singh said.
