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Govt to deal with NPAs in domestic steel sector: FM

By Religare
|

The Indian Government has said that the Government has initiated several steps to deal with the NPA problem and more are on the anvil to protect the domestic steel industry, media reported.

Commenting on the issue, Finance Minister Arun Jaitley told the media, "Highest NPAs are in steel sector... Second is national highways... Imported steel is cheaper than domestically manufactured steel. Wherever, steel dumping is happening, we have imposed anti-dumping (duty). In some cases, import duty has been increased. There are other such proposals before the government and efforts will be made to encourage domestic industry."

 

"The government will endeavor to promote sale of domestic steel so that NPA in the sector is reduced. If the economic activity will increase, the consumption of steel will also go up and its price will become competitive," he added.

The Minister further added that almost 75 National Highways were at a standstill because of uncompetitive rates - the second area where Non Performing Assets (NPAs) have been created.

Story first published: Thursday, August 6, 2015, 12:20 [IST]
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