Govt. to Support Steel Sector Recover from Bad Loans

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BUSINESS MANTRA, FARIDABAD

LALIT VIRMANI (Author is an Ex-Banker Executive)

 

Steel Sector is reeling under tremendous pressure of bad loans due to weak demand and lower international prices, specially, via cheap imports from China. If this situation continues, Banks/Financial institutions shall stop financing the steel industry.

Finance Minister Mr. Arun Jailtely said in a reply to discussions on supplementary demands for grants that several steps were initiated like hiking the import duty on steel, imposing anti-dumping duty where ever the steel is found to be dumped and some other steps to protect the steel industry.

NPA in Steel industry is highest and similarly, national highway projects NPA level is second highest and the third highest in this list is power sector.

Government is committed to revive these major sectors so that Indian economy may get boast. All possible steps are being taken so that the NPA level under these sectors is reduced.

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