Tata Steel hopes that the sector-specific measures taken by the government to control inflation are short-term in nature, chairman N Chandrasekaran said while speaking at the company's annual general meeting.
The Centre imposed a 15% export duty on steel last month to help arrest inflation in the country. According to steelmakers, the duty has made exports unviable.
"The government has been taking industry-specific steps to tackle inflation which we hope would be short-term measures," Chandrasekaran said. "The steel industry in India is globally competitive and therefore Indian steel companies should be able to expand capacity."
The domestic steel industry can leverage its competitive position and export its products globally to not only earn foreign exchange but also provide opportunities for capital formation in India, the chairman said. This will also provide employment and allow Indian companies to invest in sustainable technology and create value for the long term, he added.
The Tata Steel chairman highlighted the company's entry into also manufacturing materials other than steel for future growth.
"To be more resilient to changing market demands and diversify its product portfolio and tap the growth opportunity in new materials, the company ventured into the new materials business comprising major verticals of composites, graphene and advanced ceramics including medical materials," he said.
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