Tuesday, Aug 16,
Tata Steel Managing Director H M Nerurkar on Monday said the slowdown in US will not have much impact on the country and expressed confidence that the steel sector will remain unaffected if the government stays the course on its infrastructure development projects.
Nerurkar expressed hope that Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee would take up reform measures to prevent any effect on the country’s economic growth in view of the situation overseas.
Asked about the steel sector, Nerurkar said it would not be affected by the slowdown and would continue to perform if the government continued with its infrastructure development projects in the country.
Infrastructure development would certainly enhance steel consumption, he said. To a query about the proposed new Mining Bill, Nerurkar admitted that the provision for 26 per cent sharing of profits for development of the area and people in and around mining areas would certainly impact the company’s bottomline.
“However, we are not opposed to the proposal, but the government must ensure that the share on account of corporate social responsibility must reach the right people,” he added.
Source: The Economic Times
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