Thursday, July 17, 2008

Minister seeks steel industry support on inflation

by Jo Black

Indian Steel, Chemicals and Fertilisers Minister, Mr. Ram Vilas Paswan has urged the steel industry to support the government in managing the inflationary trend in the country.

During a seminar, the minister promised to make a fine balance between the consumer’s interest and the interest of the industry.

Delivering the inaugural address at the “India Steel Conclave” in New Delhi, the minister said that the government does not want the industry to suffer and is concerned about the rise in the cost of the raw materials.

He urged the industry to ensure that profit levels are not disproportionate to the rise in cost of production.

The minister said that the Indian Steel Industry is on the way to emerge as the 3rd largest in the world by 2015 and emphasized the need to implement all expansion programmes in a time bound manner.

He said that by the year 2012, it is estimated that India would have a steel production capacity of 124 million tonnes from the current level of 59 million tonnes.

Taking into account the investments in pipeline Indian steel production, capacity would be nearly 300 million tonnes by the year 2020.

The Minister said such a massive investment in the steel sector will require a number of issues to be sorted out.

Steel is a highly capital intensive industry which depends upon the allocation of raw material resources, land, water, environmental and forest clearances, as well as development of huge infrastructure.

 

 

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