‘Inflation hitting steel sector’

July 16th, 2008 - 1:50 pm ICT by IANS  

New Delhi, July 16 (IANS) Rising inflation and inclusive growth are among the factors affecting growth of the domestic steel industry, Sushim Banerjee, executive director (commercial) of the state-owned Steel Authority of India (SAIL), said at an industry conclave here Wednesday. Making a presentation at the Indian Steel Conclave 2008, Banerjee said: “Rising inflation, income disparity and inclusive growth are the areas of concern for the steel industry”.

He also expressed concern over the “lack of investment in agriculture and burgeoning fiscal reforms that were needed to channelise savings into investment”.

The conclave was organised by Federation of Indian Chambers of Commerce and Industry, a leading industry lobby.

In his presentation, Essar Steel Holdings director for global sales and marketing Vikram Amin said there was a need to have improved availability of iron ore, ferro alloys and energy to boost the Indian steel industry.

Amin called for “leasing of iron ore mines to the private sector and priority gas allocation to the steel sector”.

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