ET reported that steel magnate Mr LN Mittal has expressed concerns over the Indian government's slowness and tardiness in giving approvals, especially to projects in the steel sector, but exuded confidence on the country's growth potential.

Mr Mittal during an interview with a private television channel said that "Everyone is concerned about the progress and the slowness. Clearly, I am also concerned about the slowness and tardiness in some of the approvals.”

He was responding to a query on why he is critical of the way the Indian government has managed certain aspects, particularly regulations in the steel sector.

Mr Mittal said that the company was in constant talks with the government to iron out issues. He said that "I am very pleased with my discussions with the government. At least, they are they are trying to resolve them. We have lots of other issues, so we need to work through this.”

Mr Mittal also said India has great potential and its growth story will continue.

He said that "I am not worried about India's future growth. We are on the right trajectory. We are affected by the global growth story and uncertainty in Europe, but this does not dismay us from growing.”

ArcelorMittal which has plans to build 2 mega steel plants of 12 million tonne per annum in Jharkhand and Orissa and one 6 million tonne per annum plant in Karnataka at a total investment of about INR 130,000 crore (USD 30 billion). However, marred by regulatory delays and problems in land acquisition, the company has put its Orissa plans on hold. In September, 2010, it shifted the plant site in Jharkhand from Khunti Gumla to Bokaro.

(Sourced from ET)