Govt incentives helping steel industry: JSW MD
Sajjan Jindal, vice-chairman & MD, JSW Steel has attributed India’s increasing steel usage to Government policies that were providing ‘tremendous incentives’ to the industry. “The India Government’s incentives have given tremendous boost to the growth among the country’s rural masses and not just among urban dwellers,” he said.
Jindal made these comments while accepting the prestigious 19th Willy Korf/Ken Iverson Steel Vision Award at the Steel Survival Strategies XXIV conference. The award has been confered on him for elevating JSW Steel amongst the selected few global steel producers.
Accepting the award, Jindal took a few moments to reflect on his good fortune to be in one of the world’s few growing steel markets. He said that global steel production and consumption numbers for May showed that most regions were experiencing negative growth, sharply in some cases.
The only exceptions were China, with ‘more or less flat growth’ of just 0.6%; and India, which boasted 9.5% growth. "I feel very fortunate that at this time in the steel cycle I am in India and expanding our business in an expanding market," he said. “ It is also important for the global steel industry to strengthen the supply chain if its is to come out from the present global economic crisis in a stronger and more stable state,” he added.
Elaborating on JSW Steel’s employing latest technologies at its plants in India, he said, "I am an engineer myself, so I enjoy this innovation in our plants."
The steel vision award, named after Willy Korf and Ken Iverson is aimed to honour the memory of the two industry leaders who demonstrated tremendous vision, innovation, and willpower to alter the course of world steel, is given to individuals who have made a major contribution to the steel industry in terms of advancing change, while at the same time promoting goodwill and integrity in the industry.