Steel manufacturer Tata Steel has exuded confidence about India being a silver lining in the global market.
“India remains the ‘bright spot’ for global steel demand,” the Tata Group company has said in its annual report for FY22-23, released on June 14.
The company said the outlook for India remains positive, led by strong urban consumption and infrastructure spending.
This comes at a time when demand in the US is seen growing at a moderate pace, sustained inflation continues to pose a downside risk and when exports are expected to decline further with a rise in protectionism and a slowdown in global demand.
Tata Steel expects Indian steel demand to be robust, growing by 6.2 percent in FY23-24, supported by a strong GDP growth forecast, private consumption and government expenditure.
Around 85 percent of the company’s overall revenue comes from Indian operations, according to analysts.
Demand from key steel-consuming sectors, such as construction, capital goods, railways, and automotive, is expected to remain robust.
