| News & Trends | ||
| Surge in steel price a matter of concern - Indian PM - 07 Sep, 2008 | ||
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Dr Manmohan Singh PM of India while laying the foundation for modernization and expansion of the Salem Steel Plant on Friday said that the recent surge in the steel price as a matter of concern and appealed to steel producers in the country to take all possible measures to maintain reasonable price stability. Dr Manmohan Singh said that “As responsible corporate citizens I am sure that the Indian steel producers will see the wisdom of helping the government in controlling inflation.” He said that “Though the rising prominence of Indian steel industry on the world’s steel landscape mirrors the emergence of the country as a leading economic power, the per capita consumption of steel is still very low in comparison to other industrial and industrializing countries. Yet we are, today, in a sellers’ market and will continue to be. Hence it is all the more imperative that we work hard to augment supply.” He said that “From a small beginning, India has now become the fifth largest producer of steel in the world. If the present trend continues, we will become the second largest in the world by 2015. A lot of hard work and enterprise is needed to meet the rising steel demand. Our steel companies have to operate on the frontiers of technology, managerial excellence and high productivity.” Sounding an optimistic note that in the 11th Plan Period, the country could expect the economy to grow at around 9 per cent per year, he, however, cautioned that this growth process should not be inflationary hence we must step up productivity and increase output. He said that “We have to go a long way in creating the infrastructure essential for modernizing India for which the availability of steel products is a key requirement.” | ||
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