India is a country of entrepreneurs, says Sajjan Jindal, the Managing Director of JSW Steel. He believes India's biggest strength is the millions of entrepreneurs across sectors.

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Jindal said, “India as a country is a country of entrepreneurs. The biggest strength of India is that we have millions of entrepreneurs, whether it is a paanwalla, whether it's a dukanwalla, whether it is a taxi driver, or a truck owner to industrialist and so India is a country of entrepreneurs and that's what is great about India.”

Speaking to CNBC-TV18’s Jude Sannith, Jindal said government of India (GoI) is spending on infrastructure development, and as a result, the demand for steel is growing like crazy. It is encouraging to note that India has become the second-largest steel producer and consumer in the world.

He said, “As far as steel demand is concerned the government of India is spending so much money on infrastructure, spend on development, whether it's the railways, whether it's the highways, whether it's the housing, and everything needs steel, so therefore steel is growing like crazy. It's really very heartening to see that India is becoming the second largest steel consumer and steel producer, and, catching up, of course, the number one is too large, but still we are moving very rapidly up.”

China has a tendency to dump steel into other countries to kill the industry before hiking prices. However, India has been proactive in countering dumping by China. Despite concerns about China dumping steel in the country, Sajjan Jindal is not worried.

He believes that the steel industry is investing the most in capex in India, and seeing the economy taking off, the government is driving the take-off across industry sectors. Jindal said, “Steel industry probably is the industry which is investing the most in capital expenditure. Probably, if you look at the different industries, I think the steel industry has the biggest capital expenditure plan going forward.”

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However, there are concerns about the impact of high-interest rates on growth. While Jindal hopes interest rates don't go so high that growth is hurt, he believes that worrying about inflation should not be the overarching concern that shadows growth. Most of the inflation in India is imported, and if interest rates don't go up more, the real estate sector should grow well.

The growth of India's steel industry is significant, not just for the industry but for the country's overall economic growth. The steel industry is a vital component of India's manufacturing sector, and its growth has been essential in creating jobs and driving the country's infrastructure development. The government's focus on infrastructure development is paying off, and India is now a global leader in the steel industry.

(Edited by : Pradeep John)

First Published:Feb 24, 2023 9:13 PM IST