Arun Jaitley inaugurates conference on roadmap to 300 million tonnes
The maiden conference of secondary steel makers from across India, along with representatives of the government, was organised today at Vigyan Bhawan by the Ministry of Steel, in collaboration with Joint Plant Committee and Federation of Indian Chambers of Commerce and Industry (FICCI).
Jaitley presided the inaugural session as the Chief Guest. Union Minister of Steel & Mines Narendra Singh Tomar, Minister of State of Steel & Mines Vishnu Deo Sai and Secretary (Steel) Rakesh Singh and other senior dignitaries were also present on this occasion.
Lauding the Steel Ministry’s initiative to have an interaction with secondary steel producers with a problem-solving approach, the Union Minister of Finance, Corporate Affairs and Information and Broadcasting Jaitley in his inaugural address, exuded enthusiasm with the growth prospect of steel in the country.
“Steel is integrated with the quality of life,” he opined, saying that it was ‘no rocket science’ to predict that the steel sector is bound to grow.
Outlining the challenges faced by Indian steelmakers owing to large scale dumping and uncertainty in the global market, Jaitley urged Indian steel producers to overcome such ‘transient challenges’ by strengthening their own competitiveness.
“Where economies exist on strong and solid foundation, it is not very challenging to withstand transient changes,” he averred.
Expressing concern over the spiral effect of stress in steel sector, which upsets the financial performance of banks, in turn affecting the loan available to other sectors, Jaitley said that steel makers must address the root-cause and improve their competitiveness, and not resort to band-aid approach.
The Finance Minister congratulated Narendra Singh Tomar and Ministry of Mines, by stating the MMDR Amendment Act 2015 was a “landmark initiative in amending the law.”
He exhorted all participants to make use of business friendly policy of the current government and expressed faith in the able leadership of Tomar.
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