New Delhi, 14 May 2020: The massive stimulus package announced by the Hon’ble Prime Minister, Shri Narendra Modi along with the roadmap for a more atmanirbhar Bharat (self-reliant India) is very encouraging and reassuring in these times. It is in line with the industry expectations. It is also around 10% of GDP, which is in tandem with what other developed countries in the world have announced during this period.
This will greatly help to restart the various industrial activities and sectors in economy and will also bring back the momentum of all economic activities. Infrastructure being one of five pillars emphasized by PM in his strategy of self-reliant India will augur well for domestic steel demand. Once the economy is kick-started, there will be a marked pick-up in infrastructure and construction activities bringing the steel demand back in domestic market.
As we will proceed towards a much more inclusive growth model, sectors like farming, MSMEs, capital goods will all grow automatically generating a demand for materials like steel, which is directly proportional to economic growth of the Country.