Budget Impact on Steel Industry                

Budget Impact on Steel Industry       (updated - 08 July 2009)
The steel industry was expecting an increase in import duty on certain steel and steel products and was also hopeful of a hike in export tax on iron ore.

None of these two demands of the industry was met. However, focus on infrastructure is expected to provide indirect demand push.

From a medium-term perspective, the government plans to increase the investment in infrastructure to more than 9 per cent of GDP by 2014. Overall, with industry demands not met the Budget is neutral for the steel sector with a negative bias.

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