GST has been a boon for steel sector: Naveen Jindal
Talking to ET Now, Naveen Jindal , Chairman, Jindal Steel & Power , says GST is helping to reduce taxes on steel and also to pass on the benefits to the consumers.
What kind of growth do you foresee in the steel sector in the coming years?
In India, steel has very good prospects because our per capita steel consumption is still around 63 kg per person per annum and the world average is more than 200 kg. The way we need to build our infrastructure and the government also is very, very focussed about building infrastructure, houses, affordable houses, so everywhere. If you talk about construction, it cannot happen without steel. So we see a great future for steel and as not that many new steel plants are coming up, the existing plan.
The new goods and services tax (GST) regime is in place. What are the key issues that needs to be addressed in the steel sector with respect to the GST?
GST has actually been a boon for the steel sector and for the whole economy. GST is something which was long overdue. It should have been implemented long ago but I am glad it is finally here. It is helping us to reduce taxes on steel and also to pass on the benefits to the consumers.
Is JSPL also scouting for new markets of coking coal
We already have coking coal mines in Mozambique and Australia and our consumption is much more. In fact, after consuming that, we are still buying from the market. It will be some time before we increase our capacity so that after meeting our own needs, we can sell it outside also.
What is the situation on iron ore sourcing in India?
There is no dearth of iron ore in India, especially in Odisha where plenty of iron ore is available.