Metalmakers Upbeat With Prospects In Infrastructure Development In India

Kolkata, Oct 5: | Updated: Nov 6 2003, 05:30am hrs
The captains of Indian metalmaking industry are upbeat with the prospects of huge investments in infrastructure in the coming years as they would increase demand and hence their bottomline.

At the same time, when these captains of competing metal industries, who gathered here on Wednesday at a seminar on The Role of the Metal Industry in the Resurgence of the East organised by the Bengal Chamber of Commerce & Industry in connection with its 150th anniversary, preferred to keep their fingures crossed whether they would be adding capacities to meet the surging demands.

VS Jain, chairman, Steel Authority of India Ltd (SAIL), said the country would see a surge of demand of steel, particularly long products, as the government is going to invest heavily in adding 1,00,000mw in power, Gramin Sarak Yojona, Sagarmala project for development of ports, river linking projects, development of railway structure and there is a possibility of a boom in housing sector. Domestic steel demand may grow at least by seven per cent a year in next few years, he said.

However, he could not assure that the government-owned steel major would invest in adding capacity.