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| Rolling Steel Sheet |
Following the plan of PM Modi in India, the consumption of steel is expected to grow at faster pace
In the wining election campaign, Modi criticized the last government for exporting iron ore but importing steel. But his first five months as the prime minister has coincided with a surge in imports of both, denting his high-decibel drive to make India an export powerhouse.
India's steel imports from China, the world's biggest producer of the alloy, doubled in April-September from a year ago though the country has enough capacity to meet its demand.
While India's consumption is expected to rise, China will continue to see a downtrend, likely leading to a flood of cheap steel from China just as Modi pushes ahead with a signature 'Make in India' initiative to boost industry.
Charged by the strongest electoral mandate in three decades, Modi has staked his reputation on making India an export hub, launching his pet campaign with much fanfare in September with a lion as its logo.
In the wining election campaign, Modi criticized the last government for exporting iron ore but importing steel. But his first five months as the prime minister has coincided with a surge in imports of both, denting his high-decibel drive to make India an export powerhouse.
India's steel imports from China, the world's biggest producer of the alloy, doubled in April-September from a year ago though the country has enough capacity to meet its demand.
While India's consumption is expected to rise, China will continue to see a downtrend, likely leading to a flood of cheap steel from China just as Modi pushes ahead with a signature 'Make in India' initiative to boost industry.
Charged by the strongest electoral mandate in three decades, Modi has staked his reputation on making India an export hub, launching his pet campaign with much fanfare in September with a lion as its logo.
