Published On: Mon, Jun 12th, 2017

‘Bright Spot’ Recognition is an Honour & a Responsibility Too

‘Bright Spot’ Recognition is an Honour & a Responsibility Too:-

Nikunj Turakhia, President, SUFI

India has been recognized as the global steel production ‘bright spot’ in the latest BMI Research report.  The report has ascribed sector’s success to government’s boost to grow current capacity in order to meet demands from the construction, automotive and infra sectors.  The report highlighted Indian steel giants such as Steel Authority of India Ltd (SAIL) and Tata Steel as the major drivers for the growth.

Thanking the push from the government through various initiatives, Mr. Nikunj Turakhia, President of Steel Users Federation of India (SUFI) said, “In the recent years, the Indian steel industry has showcased a progressive output trendy-o-y. Being recognized as a ‘Bright Spot’ is highly encouraging as well as a large responsibility at the same time and with the introduction of regimes such as ‘New Steel Policy’ and ‘Anti-Dumping Policy’, India is indisputably marching towards proclaiming its global position as one of the top steel producer.

SUFI was one on the delegation that recently presented anomalies with regards to GST to the Finance Minister of Maharashtra Shri. Sudhir Mungantiwar on 07/06/17 at Sahyadri Guest House, Mumbai.

Commenting on the implementation of GST regime from July 1st onwards, Mr. Turakhia expressed concerns over challenges the sector will face in the teething phase, thus urging the government to relax imposition of GST penalties/ prosecution, look into ITC issues subsequently encouraging steel players to collectively work towards attaining its share of global steel production by 2021.

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