SAIL (India's largest steel producer) Chairman Mr CS Verma said, I am confident that the slump in the steel sector will bottom out soon. The impact on India has been lesser than that in the West. In 2011.
During this period, output in India clocked 3.4 per cent growth while real consumption in the first quarter of this financial year grew at 7.8 per cent.
In steel, while global prices, both for flat and long steel, have dropped significantly, in India it has not been that bad. This indicates that India cannot remain insulated from the developments in global markets.
Output growth has been affected by lack of availability of raw material and the weakening rupee.
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