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Tata Steel expects the Centre to spell out its policy on reopening of the closed mines, besides easing the process for securing land and forest clearances for infrastructure development.
TV Narendran, Managing Director, Tata Steel, said while the company welcomes stability in the mining sector in the form of clarity towards the extension of mining leases, the domestic production of raw materials should be increased through implementation of the Mining Ordinance to reopen many of the closed mines.
The increase in raw material production should help the Centre achieve its vision of 300 million tonnes of steel capacity by 2025, he said.
“The industry is also looking forward to policies that would streamline land and forest clearances for infrastructure development that is imperative for the growth of the industry as well as the nation,” he added.
The company’s coal and iron ore mines in Odisha and Jharkhand were renewed till March 2030 under the recently passed Mines and Minerals Development and Regulation Amendment Ordinance 2015.
Increased importsOn surging imports from countries like China, Russia, Japan and Korea, Narendran said necessary measures would be taken to arrest this trend to make the domestic industry competitive.
From being a net exporter, steel imports have gone up to 8.1 mt in the first eleven months of this fiscal.
Shipments from China alone accounted for 2.9 mt. Russia has started exporting to India after its rouble depreciated sharply in last few months, while Japan and Korea have free trade agreement and can tap the Indian market duty free.
Narendran said that he hopes the Budget boost investment in railway infrastructure and port capacities as the steel industry relies on the Railways and ports for the movement of large volumes of finished products and raw materials.
“We look forward to a strengthened vision for growth through the Budget and expect the Budget would bring further impetus to boost economic growth within the country, especially through the ‘Make in India’ campaign, he said.
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