Steel industry pins hopes on upcoming budget for revival

The steel industry of India is passing through a rough patch these days, and for a strong boost, it has pinned its hope on the minimum import price (MIP) that was announced recently. Knowing that the annual budget plays an important role in the revival of the industry, it expects more relief measures from the upcoming budget, said JSW Steel CMD Sajjan Jindal.

Not only this, the steel sector is also hopeful that the country's economy should grow by 8 to 8.5%, so that the industry can revive and flourish. Jindal was addressing reporters in Mumbai on the sidelines of 'Make in India' Week yesterday.

JSW is a part of the OP Jindal group, and standing at USD 11 billion, it is one of the major players in the steel space in the country.

Talking of the developments so far, the government had imposed an MIP on 173 steel products ranging between USD 341-752 per tonne, which would remain so for a period of six months only.

Jindal also had his two cents to share on the upcoming budget. He said, "It should be a growth-oriented Budget. It has to look at micro factors and ensure how it would be possible to increase country's GDP from existing level of 7-7.5 per cent to 8-8.5 per cent in future."

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