Demand and prices for Indian finished steel products are likely to be boosted over the coming year after the country's government announced stronger spending on infrastructure in its new budget, Metal Bulletin heard on Thursday February 1.
India's budget allocation for infrastructure spending in its 2018-19 financial year, which begins in April, will rise to 5.97 trillion rupees ($93.65 billion), compared with 4.94 trillion rupees in the current financial year.A network of roads, airports, railways, ports and inland waterways will be built to better connect the country, the government said, while more than 9.30 million homes will be built in the next three years.India also intends to produce 300 million tonnes per year of steel...