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India produces 64.3 MT of crude steel during April-October 2019-20: Economic Survey

31 Jan 2020 Evaluate

The Economic Survey 2019-20 has showed that India produced 64.3 million tonne (MT) of crude steel and 59.73 MT of finished steel during April-October, 2019-20. The Survey also noted that the steel sector achieved a growth of 5.2 per cent during April-November period of the ongoing financial year as compared to 3.6 per cent in the year-ago period.

As per the survey, India produced 109.2 MT of crude steel during 2018-19 and in the current financial year (FY) till October 2019, crude steel production was 64.3 MT, displaying a growth of 1.5 per cent over corresponding period of last year with utilization capacity of 77.4 per cent. Similarly, it noted that production of finished steel was 137.2 MT in 2018-19 and 59.73 MT during April-October 2019.

The Survey further said as per RBI studies on corporate performance, demand conditions for the manufacturing sector weakened in second quarter of 2019-20, with a contraction year-on-year in nominal sales. It added that petroleum products, iron and steel, motor vehicles and other transport equipment companies were the major contributors to slowdown.

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