India's minister for steel, chemicals and fertilisers Shri Ram Vilas Paswan has appealed to all domestic steelmakers to complete their ongoing and planned projects as per schedule so that they will be ready to reap maximum benefit from the upturn in demand that will follow the current economic slowdown.
Speaking at the second summit of the ‘Mining to Steel Making' conference organized by the Indian Chamber of Commerce on February 18, Shri Paswan said that the Indian steel industry backed by a resurgent Indian economy would grow from strength to strength.
Mr. Paswan stated that the country has natural resources, the skill base, technological acumen and the financial capability to make the steel industry the centre of Indian economic achievements.
According to Mr. Paswan, just as India's growth in recent years has been largely driven by domestic factors, its steel sector has also grown on the back of a growing domestic market for steel backed by natural resource endowments on the supply side. He said that India's supply side advantages were indeed very strong and that India should not fritter away its finite resources.