Mr Ram Vilas Paswan minister for Steel, Chemicals & Fertilizers has appealed to all steel makers to complete their ongoing and planned projects as per schedule so that they are ready to reap maximum benefit of the upturn in demand that will follow the current economic slowdown.
Mr Paswan at the 2nd Summit on Mining to Steel Making organized by the Indian Chamber of Commerce said that “The Indian steel industry backed by a resurgent Indian economy will grow from strength to strength. The country has natural resources, the skill base, technological acumen and the financial capability to make steel industry a centre piece of Indian economic achievements.”
He said that “I thank the Indian Chamber of Commerce for inviting me to address this gathering of distinguished professionals and experts in mining and steel sector. The timing of this meeting is significant because we have assembled at a time when the steel industry the world over is faced with deceleration in sharp contrast to the long period of sustained upswing and financial prosperity.”
Mr Paswan told that “On the supply side, the liquidity crunch and deceleration in steel demand growth has also negatively impacted steel investors sentiments. This may lead to delayed start for some of the green field steel projects over the short run. However, I am proud to say that the PSUs under my Ministry have decided to go full steam ahead on their investment plans. On the positive side, the current economic crisis would have a cooling effect on the over heated global market of technology suppliers thereby bringing down the overall cost of capacity expansion.”
Mr Paswan urged that “I would therefore appeal to all steel makers and prospective investors to make use of this opportunity and complete your ongoing and planned projects as per schedule so that you are ready to reap maximum benefit of the upturn in demand that will follow the current slowdown. I am sure that in not so distant a future, the Indian steel industry backed by a resurgent Indian economy will grow from strength to strength. We have the natural resources, the skill base, technological acumen and the financial capability to make this industry a centre-piece of Indian economic achievements. The underlying conditions that make us hopeful about the impending upturn in the Indian macro-economy also holds good for the Indian steel economy.”
Source : Steelguru