India mulls local steel requirement for $59bn infrastructure spend
The government expects the move to boost sales of local companies such as JSW Steel and Tata Steel, and eventually attract global steelmakers such as ArcelorMittal and POSCO to invest in the country.
India, the world's third largest steel consumer, has budgeted a record $59 billion for 2017/18 for steel-intensive infrastructure projects such as ports, roads, railways and power.
India wants to nearly triple its production capacity by the next decade and acquire technology to produce higher value products including automotive steel. ■