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Fiscal Discipline Vs Fiscal Deficit

A market expert asserted that the combination of Modi, Jaitley and Raghuram Rajan is so deadly that it is beyond a common man’s intellect to decode actions when it comes to root level development and financial overhaul.

In the union budget 2016-17, the finance minister stuck to the 3.5% fiscal deficit target (as a proportion of FY17 GDP) laying large importance on rural growth and higher spending in infrastructure and energy sectors. The government clearly focused on fiscal discipline and announced initiatives to strengthen the economy through substantial investment in infrastructural development, healthcare, job creation, skill development, and micro, small & medium enterprises. It also promised on creating an ease of business environment to promote entrepreneurship.

Mr Jaitley announced measures and proposals to elevate the rural sector by focusing on improving irrigation, farming, rural infrastructure, NREGA and social welfare schemes. By uplifting the rural poor, there will be a considerable increase in rural income, which should give fillip to spending in small towns of the country and in the real estate sector; accelerating demand in core sector industries like steel and cement. 

However, there were no major announcements made with direct benefit to the ailing steel industry. Instead, the clean energy cess on Coal was increased from INR 200 to INR 400 which would further increase the input cost for domestic producers. The past one year has been one of the most difficult phases for the domestic steel industry. While the government has set an ambitious target of 300 mnt steel capacity by 2030, the industry seems to be coping up against in-pouring cheaper imports from China and low domestic demand. 

Pertinent with the growing seaborne trade activities, in a very insightful and informative cover story, we have brought together movement of Iron ore, Coal & Scrap at the Indian ports. Read more from page 24.

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Steel 360 is a monthly magazine covering the metal and mining industry in India. The magazine has a readership of 50,000+ across the globe in the metal and mining fraternity across the country (print circulation only in India). Each issue of the magazine carries a highly informative cover story; write-ups on trending topics, market prices & offers, current news from the metal & mining industry, latest technology trends, columns from industry veterans, import-export statistics, information on upcoming events and much more.
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