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Home > News > Budget News

  • Steel sector remains optimistic post budget
  • February 03,2017  16:01
  • Focus on infrastructure is big positive for steel industry because it is a key driver of steel consumption

    Though the budget failed to address demands for withdrawal of import duty and clean power cess on coking coal, steel sector in general remained optimistic about the budget proposals as some announcements by finance minister Arun Jaitley will have indirect impact on the industry.

    According to industry players, focus on infrastructure is a big positive for steel companies and the industry because it is a key driver of steel consumption. The focus on rural sector is also important as many of steel sector's principal industries, like two-wheelers and tractors, are very dependent on the rural economy and Micro Small & Medium Enterprises (MSMEs).

    The budget focus on housing, rural economy, infrastructure spending and railway and defence capex is expected to boost economic growth and revive domestic steel demand. Also the allocation of nearly Rs4 lakh crore towards infrastructure would boost demand. As steel companies produce steel through sponge iron route, they are also not impacted for coking coal import duty.

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