This phase of pain and difficulty has also been a period of innovation and transformation.
The bold moves undertaken by the Ministry of Steel and industry to promote steel usage and generate demand from different sectors of the economy have opened numerous opportunities – new demand patterns, innovative sales channels via digital mode, valued added products and many more.
Delivering the welcome address at inaugural session of Indian Steel Markets Conference 2021 on February 25, Vinaya Varma, Managing Director, mjunction services ltd said, “There has been very significant developments that have taken place in the last few months which will have far-reaching implications on the steel markets in the next few years.”
There has been a significant recovery in steel production, demand and prices in the third quarter and current quarter as well.
The announcement of ‘Atmanirbhar Bharat Abhiyaan’, focused on boosting indigenous industrial capabilities in steel and other sectors is a welcome step. The focus is on fostering steel usage in housing, construction, aviation, defense, oil and gas, automotive, railways, rural and agricultural sectors.
The industry realised that one of the ways to address challenges during pandemic is by adopting smart digital solutions to improve efficiency of production & supply chain systems.
Recent measures announced in the Union Budget on infrastructure-led economic revival, with increased capex spending in a number of projects under the National Infrastructure Pipeline is expected to boost steel demand.
This story is from the March 2021 edition of Steel Insights.
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This story is from the March 2021 edition of Steel Insights.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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