'India can beat China in steel sector'
India needs to consolidate its steel sector with adequate focus on R&D to move ahead of China.india Updated: Mar 14, 2006 17:38 IST
India needs to consolidate its steel sector with adequate focus on Research and Development to move ahead of China, as it enjoys heavy deposits of raw materials, mainly iron ore, a doyen of Indian steel industry said.
"China may be producing more steel than India, but sooner or later we too would be enhancing our production", Tata Sons Director and former Tata Steel Managing Director JJ Irani said at the second Indian Steel Conference 2006.
The government has earmarked a considerable sum for Research and Development and infrastructural up-gradation, he said.
"India has the capacity to produce lowest cost steel in the world and the future of steel lies here," he added.
Foreign steel makers were welcome to produce steel in the country but they should not be allowed to export iron ore, he opined.
It is normally said that China was way ahead of India in terms of attracting Foreign Direct Investment in the steel sector, but India's growth in this sector was a robust one and was headed towards future stability, Mittal Steel (Jharkhand) CEO Sanak Mishra said.