'India can surpass China in steel sector'

'India can surpass China in steel sector'

By agencies   |   Wednesday, 15 March 2006, 08:00 Hrs
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NEW DELHI: India needs to consolidate its steel sector with adequate focus on Research and Development to move ahead of China, as it enjoys heavy deposits of raw materials, mainly iron ore, a doyen of Indian steel industry said.

Participating at the second Indian steel conference 2006, Tata Sons Director and former Tata Steel’s Managing Director JJ Irani said, “China may be producing more steel than India, but sooner or later we too would be enhancing our production.”

The Government of India has earmarked a considerable sum for Research and Development and infrastructural up-gradation. “India has the capacity to produce lowest cost steel in the world and the future of steel lies in the country,” he said.

Foreign steel makers were welcome to produce steel in the country but they should not be allowed to export iron ore, he opined.

It is normally said that China was way ahead of India in terms of attracting foreign direct investment (FDI) in the steel sector, but India's growth in this sector was a robust one and was headed towards future stability, Mittal Steel (Jharkhand) CEO Sanak Mishra said.

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