Tata Steel MD welcomes budget

Jamshedpur : T V Narendran, managing director, Tata Steel said: �The government�s move to provide relief to the struggling manufacturing sector augurs well for the steel industry. However, it needs to be noted that the industry�s problems are more structural in nature.

While the Finance Minister has highlighted the role played by the Cabinet Committee on Investment in clearing stuck projects, there is 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.

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.�