Subdued economic growth and exchange rate volatility leads to dip
India’s steel imports declined by a whopping 31.3 per cent last fiscal to 5.44 MT due to subdued economic growth and exchange rate volatility. “Import of total finished steel showed a southward trend, declining by 31.3 per cent year on year in April March period of 2013-14 at 5.445 MT,” Joint Plant Committee (JPC), a unit of the steel ministry, said in a report.
Imports were down in March by 34.2 per cent to 0.437 MT compared to the same month a year ago. “Such trends were driven by factors like slowdown in domestic economy, exchange rate volatility, relative prices, global downswing and bilateral agreements among others,” JPC said.
( Source : PTI )
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