The domestic steel sector will need a clutch of fiscal incentives, including tax cuts and exemptions, to recover from the disruption caused by the coronavirus pandemic, according to Boston Consulting Group (BCG).
The estimate for India's steel consumption growth is in line with Moody's estimate for the country's GDP growth given the high co- relation between the two.
"We are still scaling down our operations, closing some mills and steel melting shops, while maintaining a minimum temperature," a SAIL spokesperson said.
This comes after the company announced to stock exchanges on 25th of March about scaling down and suspending production in all it’s units. Metals are considered a process industry and exempted from complete shutdown. However all the production units are running with lower capacities and lesser numbers of staff.
Automakers are using Twitter, Facebook, Instagram and other mobile applications and to share tips on how to protect vehicles as they sit unused during the nationwide stay-at-home order.
In a statement issued on Friday, ICC requested the Finance minister to "allow deferring of payments of mining levies, namely Royalty and the contributions towards District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET) for the period upto 30th June 2020 - for the next 3 months."
The company also said in view of the restrictions in the despatch of finished goods and poor market conditions due to the shutdown of customer operations in automotive, construction and other segments, shipments to customers have been curtailed. "All payments to MSME vendors and contract workers are being done on due dates," the statement added.
During the same period, the plant also posted a 30% growth in overall production of prime rails. Bhilai Steel Plant, which supplies rails to the Indian Railways, ended the fiscal 2019-20 with a cumulative production of 12.85 lakh tonne of UTS 90 prime rails, thereby registering a growth of 30% over the volume of prime UTS 90 rails produced over 2018-19.
AM/NS India, a joint venture between ArcelorMittal and Nippon Steel, and HMEL, a partnership between Hindustan Petroleum and Mittal Energy Investments, have announced a Rs 100-crore support package to strengthen India's capacity to protect families and communities impacted by COVID-19.
The move comes on top of NMDC's contribution of Rs 150 crore to the PMCARES Fund of the government of India. With its contribution of Rs 200 crore as advance royalty to Chhattisgarh, NMDC has now supported both central and state governments in the fight against COVID-19.
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