In its annual budget for FY 2023/24 the government of India allocated a capital expenditure budget which is 33% higher than the previous year’s budget. Though major spending plans are steel-intensive, there are many risks to this.
The government also announced various incentives to help support manufacturing growth in the country. A budget outlay of $2.5 bn was also announced for the green hydrogen mission with the aim to produce 5 Mt/y green hydrogen by 2030 and gradually replace the use of fossil fuels by industries like steel.
In this webinar, CRU experts from the Indian office will explain the impact of these various policy announcements on the domestic steel demand and the increased focus on decarbonisation in the Indian steel industry.
Questions that will be addressed:
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- What will the budget be a driving forces behind Indian steel demand?
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- How will this impact the demand for raw materials?
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- How is decarbonisation being adopted by main Indian steel players?
