Tata Steel Chairman Natarajan Chandrasekaran highlighted the numerous opportunities that lie ahead for Tata Steel in his speech at the company's Annual General Meeting (AGM) on July 5.
Despite the challenging global environment, Chandrasekaran expressed optimism about the Indian economy, stating that it remains on a positive trajectory.
The company projected an estimated GDP growth of around 6.1 percent for India in 2023-34, positioning it as one of the fastest-growing economies.
Discussing the steel industry, the chairman noted that it, too, experienced the repercussions of global volatility, leading to fluctuations in the steel demand-supply balance and prices. However, he emphasised India's resilience in this context, attributing it to robust government spending and vibrant consumption.
He projected India's continued significance as a major consumer in the global steel industry due to ongoing infrastructure development, rapid urbanisation, and supportive policy reforms.
Acknowledging Tata Steel's performance, Chandrasekaran attributed the company's financial challenges in the fiscal year 2022-23 to higher cost structures, including elevated energy and emission-related expenses, as well as volatility in raw material prices.
Looking ahead, he said that Tata Steel is committed to expanding its presence in India. "On the growth front, the company continues to scale up its business in India by way of both organic capital expansion and inorganic acquisitions and is steadfast in its objective of achieving its 2030 target of an overall 40 MnTPA capacity in India," he added.
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