Steel is backbone of the economy impacting almost every sector of the country including infrastructure, construction etc. India has set an ambitious target of ramping up its steelmaking capacity to 300 million tonnes by 2030-31 as envisioned in the National Steel Policy 2017. Steel consumption per capita directly correlates with GDP in any developing economy. In the quest towards US$ 5 trillion economy, steel sector in India is therefore expected to play a significant role. However, the steel sector is facing problems like availability of raw material, resources evacuation; regulatory issues etc which once addressed will help in achieving the target of as envisioned in the National Steel Policy and subsequently bracing for the $ 5 trillion economy. The Prime Ministers vision of making India of $ 5trillion economy by 2025 has given a boost to the infrastructure segment of the country. Availability of quality infrastructure is a pre-requisite to achieve broad-based and inclusive growth on a sustainable basis. To achieve the Hon'ble Prime Ministers vision of making the GDP of $5 trillion by 2024-25, India needs to spend about $1.4 trillion (Rs. 100 lakh crore) over these years on infrastructure.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
