Global steel industry watches for outcome of Indian elections

The swearing in of Narendra Modi as the 15th prime minister of India on 26 May 2014 brought a renewed sense of enthusiasm and vigor to the nation, against the promise of “ache din” – good days – in the future. Five years on, as the world’s largest election is underway in the country, feelings about the current political situation are complicated, but what is certain is that the world will be watching carefully for the outcome of the vote. Government policies have provoked fierce debate in the country, with critics – termed “compulsive contrarians” by the government – questioning the calculation of GDP, the adverse impact of de-monetisation on trade, a ham-fisted approach to the implementation of a goods and services tax, and agrarian distress as well as the veracity of employment figures. However, the government’s initiatives towards building a world-class infrastructure, introducing debt resolution through bankruptcy law, easing rules of doing business and weeding out big ticket corruption in government dealings – among others – are also difficult to deny. It’s for this reason that the Indian steel industry, whose prospects hinge on an infrastructure and construction push in the country, hopes for a second term for Prime… continue reading

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Source: CTRM Center

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