New Delhi [India], September 18 : Skill development, capability building and continuous engagement with the government on policy matters are crucial for the future of India's steel industry, said Tata Steel Managing Director and CEO T V Narendran.
Speaking with ANI, on the sidelines of an industry event, Narendran highlighted Tata Steel's sustained investments in the country's growth, noting that the company has invested more than Rs 1 lakh crore over the past decade through both organic and inorganic routes. "Every year, our CAPEX is around Rs 10,000-12,000 crore in India. The steel industry has been making significant private sector investments," he said.
Emphasising the importance of skilling for the sector, Narendran said it is not just about upskilling Tata Steel's direct workforce but also about building the capabilities of the contractor ecosystem. "The government's initiatives to strengthen ITIs and involve industry with them are a very good move. For the country's future, a strong focus on vocational training and skilling is very important. Corporates and private sector industries are already contributing, and Tata Steel certainly is," he noted.
Tata Steel chief added that capability building should be looked at holistically, involving large and small companies, academia, and educational institutions to build the brand India. "Both big companies and small companies and the academic and educational institutions all need to work together to really bring that quality culture in India so that we help build brand India," he said
On policy engagement, Narendran underscored the need for regular dialogue between industry and government, beyond the traditional pre-budget consultations. "Often, the engagement tends to happen just before the budget, but regular engagement is important. In fact, this has been happening more in recent times, particularly during the Indo-US trade issues when industry and government worked closely together to mitigate the impact," he observed.
Speaking on the rationalisation of Goods and Services Tax (GST), Narendran said that while the steel industry is not directly affected, the reforms have a positive impact on consumption. "Consumption growth is good for steel because it is used across sectors and industries. GST is a positive move, as it reduces the cost of doing business. Across sectors, it has been welcomed and so have we," he added.
Commenting on the broader outlook, Narendran pointed out that while India remains a bright spot in the global economy, external risks remain. "The larger issues relate to global geopolitics and the global economy. What happens globally will have an impact on India, and we need to be conscious of that. The steps being taken by the government are in the right direction," he said.
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