Budget’s infra push to boost demand for steel

The Union Budget 2019-20 will give a push to big-ticket infrastructure projects and thereby increase the demand for steel, industry players said. Finance Minister Nirmala Sitharaman on Friday announced a slew of steps to scale up the country’s infrastructure, including augmenting 1,25,000 km of rural roads under the Pradhan Mantri Gram Sadak Yojana (PMGSY) at a cost of Rs 80,250 crore and creating a national highways grid. “Clear emphasis has been laid on the infrastructure development along with a massive push to every connectivity avenue including industrial corridors, dedicated freight corridors, Bharatmala, Sagarmala, UDAN, and PMGSY,” Steel Authority of India Ltd (SAIL) Chairman Anil Kumar Chaudhary said.