Indian steel minister firm on 124 million tonnes by 2012
Thursday, 02 Jul 2009
PTI reported that Indian steel ministry will not lower its target for increasing steel manufacturing capacity to 124 million tonnes from present steel capacity is 55 million tonnes per annum.
Mr Virbhadra Singh Indian steel minister told PTI in an interview that "Actually the target is sustainable and our goal to achieve a production of 124 million tonnes of steel by 2011-12 is not too ambitious. It is practical, it is feasible, it is desirable.”
While replying to a query that whether the proposed expansion would lead to glut in the market affecting bottomline of the steel firms, the Minister said “I am hopeful that in another two to three years time the world situation will definitely improve and demand will revive in the domestic market also."
Mr Singh, however, said that recession should be taken as an opportunity, as the country could procure the services of global leaders in engineering and construction activities, that too cheaply, to set up the targeted production capacity in time.
He said that "The recession worldwide may even help us in a way. People, engineering and construction firms, who are otherwise busy in expansion they will be available as expansion programs are not taking place abroad due to recession.”
