Govt relief to struggling sector will boost steel industry

Tata Steel Managing Director, T V Narendran today said the government's move to provide relief to the struggling manufacturing sector augurs well for the steel industry.

Reacting over the interim budget placed in the Parliament today, Narendran said it, however, should be noted that the industry's problems were more structural in nature.

While the Finance Minister has highlighted the role played by the Cabinet Committee on investment in clearing stuck projects, there was an urgent need for a comprehensive review of the entire mechanism for grant of clearances such as (the environmental and forest clearances) to industrial projects in the country, Tata Steel said in a release today.

"In order to spark an industrial revival, the government needs to implement a time-bound, simple mechanism that is fair to all stakeholders and encourages economic activity in the country," Narendran added.

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