Tata Steel Managing Director H.M. Nerurkar today said that there was a need to undertake some austerity measures and think differently to face the prevailing challenging economic scenario.
Unfurling the national flag on the occasion of 67th Independence Day at the company works, Nerurkar said that the country was passing through a difficult economic scenario with the Reserve Bank of India forecasting the GDP growth at 5.5 per cent during FY’14.
Other global agencies have also pegged the GDP growth rate between 5 and 5.5 per cent during the same period. The industrial growth is down and inflation is up, he said.
“This is quite a difficult situation for all of us and we should think quite differently to ensure that we all should take some austerity measures to control the situation,’’ he urged.
“All this was not well for our country, community as well as the company,’’ he said and added that the last quarter of FY’13 has been difficult for Tata Steel.
The automotive, construction and infrastructure sectors continue to face difficult times. In fact, the automotive sector has recorded a negative growth during April-July while several mega projects were yet to see the light of the day, he said.
“If the customers are not happy, we cannot be happy”, he said.