The steel industry, which is passing through a tough time, has pinned its hope on the minimum import price (MIP) announced recently and expects more relief measures in the budget, JSW Steel CMD Sajjan Jindal said.
Moreover, the steel sector is hopeful that the country's economy should grow by 8-8.5 per cent, which would help the industry to revive, Jindal told reporters on the sidelines of a 'Make in India' Week event here today.
"We have pinned our hopes on the MIP, which has recently been announced by the government. We have to wait and watch if it is enough for the steel industry, which is in a bad shape today, to sustain," Jindal said.
Part of the OP Jindal group, the USD 11 billion conglomerate JSW is a major player in the steel space.
"In case MIP doesn't work out well for the industry, then the government would have to adopt more measures for the industry," he said.
The government, on February 5, imposed a Minimum Import Price on 173 steel products ranging between USD 341-752 per tonne. The minimum price would remain in place for six months only.
Talking about the forthcoming Budget, Jindal said, "It should be a growth-oriented Budget. It has to look at micro factors and ensure how it would be possible to increase country's GDP from existing level of 7-7.5 per cent to 8-8.5 per cent in future." Commenting on the 'Make in India' Week, he said, "it is likely to bring investment into the steel industry."
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