Tata Steel’s Nerurkar Says India Needs to Fix its Infrastructure
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H.M. Nerurkar, managing director at Tata Steel Ltd. (TATA), comments on his expectations from the government’s budget for the year beginning April 1. Finance Minister Pranab Mukherjee will announce the budget on March 16. Nerurkar spoke in an interview in the eastern city of Jamshedpur yesterday.
“As a steel company, we would expect that projects that have been announced should actually be on the ground. That is the only thing that will stimulate steel demand and growth in the country.
‘‘Investment in the infrastructure sector must go up because our country is now getting choked in terms of roads and railways. If India has to go somewhere near China in consumption, or if steel consumption doubles in 10 years, how do you transport raw material, finished goods, or reach the customer? Infrastructure is still very poor, be it ports, airports or roads. So that stimulus is a must if business has to move fast.
‘‘Something also needs to be done quickly for the mining industry because last quarter mining actually contracted by 3 percent. This is quite bad. Mining also involves a lot of infrastructure jobs, including mobile equipment and trucks.’’
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