Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s affordable housing scheme – Prime Minister Awas Yojana-Urban (PMAY-U) – will consume 2.5mn mt of steel, the Indian Government informed while announcing an additional grant of Rs180bn ($2.41bn) in the budget estimates for 2020-21 for the scheme.


The additional grant to the scheme is expected to boost steel demand in the domestic market and increase steel production. The government aims to provide housing for all in urban areas by 2022 through the PMAY-U scheme.


India produced 9mn mt of steel in October as steelmakers in the country ramped-up production to pre-COVID-19 levels.


Apart from this, the government announced a slew of relief measures for the real estate sector as part of the Atmanirbhar Bharat 3.0 economic recovery package.


($1 = Rs74.6146) 

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