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'US slowdown not to significantly impact India'

india Updated: Nov 12, 2011 23:05 IST

Tata Steel Managing Director H M Nerurkar today said the slowdown in US will not have much impact on the country and expressed confidence that the steel sector will remain unaffected if the government stays the course on its infrastructure development projects.

Talking to newsmen soon after he unfurled the tricolour on the occasion of India's 65th Independence Day at the company works here today, Nerurkar said there was no slowdown in the country, but admitted that the growth rate would remain 7 to 7.5% due to the prevailing situation in US, as against the 9-10% growth recorded last year.

Nerurkar expressed hope that Prime Minister Manmohan Singh and finance minister Pranab Mukherjee would take up reform measures to prevent any effect on the country's economic growth in view of the situation overseas.

Asked about the steel sector, Nerurkar said it would not be affected by the slowdown and would continue to perform if the government continued with its infrastructure development projects in the country.

Infrastructure development would certainly enhance steel consumption, he said.

To a query about the proposed new Mining Bill, Nerurkar admitted that the provision for 26% sharing of profits for development of the area and people in and around mining areas would certainly impact the company's bottomline.

"However, we are not opposed to the proposal, but the government must ensure that the share on account of corporate social responsibility must reach the right people," he said.

"We strongly favour proper distribution of the money to enhance the life standard of the poor people living in and around the mining operation areas," he said, while asking where the money already contributed on this account had gone.