Stimulus package announced by PM Modi in line with industry expectations: SAIL chairman

Kolkata: The stimulus package announced by Prime Minister, Narendra Modi along with the roadmap for a more atmanirbhar Bharat (self-reliant India) is in line with the industry expectations, Anil Chaudhary, chairman, Steel Authority of India Limited has said. It is also around 10% of GDP, which is in tandem with what other developed countries in the world have announced during this period, he added.

The package will greatly help restart various industries and restore momentum across all economic activities, he felt. "Infrastructure being one of five pillars emphasized by PM in his strategy of self-reliant India will augur well for domestic steel demand," Chaudhary said adding, "once the economy is kick-started, there will be a marked pick-up in infrastructure and construction activities bringing steel demand back in the domestic market."

Inclusive growth with boost sectors like farming, MSMEs, capital goods thus generating demand for materials like steel, which is directly proportional to economic growth of the country, he said.