Govt sees better days for steel industry soon

The steel industry in India could very soon come out of the economic slowdown mainly boosted by the various timely measures taken by the government, Steel Minister Virbhadra Singh today said.

"As a result of the various timely measures adopted by the government the steel industry in India could soon come out of the shadow of economic slowdown," Singh told reporters at a conference here.

"I strongly believe that steel consumption will continue to grow at a pace varying between six and eight per cent during the current financial year fully supported by the fiscal, monetary and administrative measures exercised by the government from time to time," he said.

The industry recorded a growth rate of 3 per cent in January-March 2009, followed by 5.3 per cent increase in consumption and 3.4 per cent growth in steel production during the first quarter of the current financial year.