Steel PSUs should tighten their belts: Birender Singh
New Delhi [India] June 1 (ANI): Union Steel Minister Chaudhary Birender Singh on Thursday said that the Public Sector Undertaking (PSU) steel manufacturing companies should tighten their belts to remain competitive in the international market.
Talking to ANI here, increasing efficiency and quality of steel is the responsibility of the PSUs.
"Be it PSUs or private sector, today world has become a family and you cannot remain in isolation. Therefore it is necessary for the PSUs to become competitive because if they can't compete they will be out of the market. If they fail then it would impact nation's economy," said the Union Steel Minister.
He has instructed the PSUs to produce quality steel products which are in demand for exports.
"I have told the PSUs instead of producing traditional type, crude steel, they should produce new products based on the research that has demand in the world so that the export is increased," said the Union Steel Minister.
Steel public sector firms Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) are being modernized. Till February, Rs 64,986 crore have been spent by SAIL towards modernisation and expansion, mines and related schemes.
The government recently set up a committee to suggest measures to fast-track modernisation of SAIL and RINL. (ANI)