India's recently announced national budget got a mixed response from the country's steel sector, with some describing it as "disappointing" while others said it was "promising," sources told Fastmarkets.
The Indian government's $428 billion budget for 2020-21 was presented on February 1.
Part of the budget concerned the soon-to-be-launched National Logistics Policy, which will include various infrastructure projects. Major initiatives include developing roads, water supplies, four railway station redevelopments, 100 more airports, at least one major seaport and providing 150 passenger trains via a public-private partnership.
The budget includes $1.4 trillion for infrastructure projects over the next five years, to be funded through the National Infrastructure Pipeline investment scheme. And the Ministry of Finance's
Economic Survey of India estimates that India needs to spend a total of $4.5 trillion on infrastructure projects (including the $1.4 trillion) by 2030 to sustain its current growth rate.
The country's Ministry of Steel said these projects will accelerate the demand for steel production, and will strengthen the steel sector, which struggled during 2019.
Under...