New Delhi (India), 12th April 2023: According to TV Narendran, managing director and CEO of Tata Steel, because of the emphasis on infrastructure, the Indian economy is doing well despite global challenges. Narendran expressed his confidence in the the economy and our ability as a nation while talking to CNBC TV-18 on the sidelines of the Indian All India Management Association Awards.
He said, “Globally there is some concern because of the fragility of some of the economies but I think the Indian economy is looking good because of the focus on infrastructure.”
Narendran also attempted to establish a connection between rising GDP and steel consumption. Expressing his views he said, “Steel consumption in my view should reflect the GDP growth rate, so if the GDP is going to grow at six-and-a-half -seven percent, I expect steel consumption to grow at least that rate.”
Along with this the Tata Steel MD also went into great detail about Tata Steel’s expansion plans, including how the steel producer intended to increase its capacity by 5 million tonnes this fiscal year.
Tata Steel reached its greatest annual crude steel output in the fiscal year 2023 earlier this month, but the company’s activities in Europe were relatively quiet in the March quarter. While shipping volumes decreased by 11.3 percent from the same time previous year, production levels remained unchanged.
On this Narendran said, “Europe continues to be a bit of a challenge, things have improved because gas prices in Europe and electricity prices in India have come down and steel prices have improved so things are looking better. We have a challenge because we are realigning one of our blast furnaces in Netherlands but we expect the second half of the year to be much better.”
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