Consumption of steel may or may not rise to 3 percent, Joint Plan Committe
The chief economist of the Joint Plant Committee, A S Firoz, stated that, even after the growth of steel consumption of India increased to reach highest in 5 months of this financial year, the consumption rate of steel in India might increase to another 3 percent, by the year 2014-2015.
NEW DELHI (Scrap Monster): He stated that, considering the present condition of steel consumption of the country, the consumption of steel might increase 3 percent or may stay below 3 percent, according to him that is the real scenario in India right now.
According to him, if there is a 6 percent increase in the consumption of steel for the rest of this year, then the average steel consumption of the present year would be either 3 percent or also might be below 3 percent. He also states that the consumption of steel would certainly rise further again this year, as the demand for steel in the infrastructure is keeping on increasing from day to day.He also added that, in addition to the infrastructure sector, the automotive sector and machinery sector is also flourishing, and would also put up to the increase the consumption of iron ore in India.
In the financial year of 2013-2014 the growth in steel consumption of India has been just 0.6 percent, which was the lowest growth in 4 years, and was lowered to 73.93 million tones, which resulted in the creeping of domestic economy.
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