TV Narendran of Tata Steel discusses the steel industry in India, emphasizing the need for growth to outpace GDP, potential as a global exporter, and strategies to address import delays and visa issues from China while enhancing local production capabilities. He says: "Over a period of time, we would like to de-risk sourcing out of China."
China has emerged rapidly during the last 30-40 years and the next 30 years are important for India, which is the fastest growing economy of the world, Narendran said while addressing the members of Singhbhum Chamber of Commerce and Industry (SCCI) here on Tuesday evening.
Tata Steel s CEO, T V Narendran, stated that the company would consider additional future investments in its Port Talbot plant if more government funding was available. The UK government has already approved a 500 million pound package to support the plant, which is facing closure due to high carbon emissions. As part of the restructuring plan, Tata Steel will replace blast furnaces with electric furnaces to reduce carbon emissions, resulting in the loss of 2,800 jobs. Despite this, Narendran expressed willingness to explore greener ways of making steel with available funding.
India Steel Import: India s steel imports reached a five-year high, turning the country into a net importer of finished steel. Steel demand slowed down in Europe and the United States. Indian steel mills have asked for government interventions against surging imports, but the Ministry of Steel resisted curbs.