December 03, 2008

PM urges steel industry not to fall prey to temptations of market

Prime Minister Dr Manmohan Singh has urged the steel industry not to fall prey to the temptation of seeking windfall gains from market manipulation in a period of excess demand.

Dr Singh, while addressing at centenary function of TATA Steel, said that "Industry and trade must eschew short term gains that hurt consumers and disrupt the stability of the process of economic growth. I would advise our steel industry to take a long term view the Indian economy will continue to grow and the demand for steel will continue to grow."

Dr Singh said that in the present context where industrial prices are on the rise, there is an opportunity for corporate leaders to deploy corporate power in the best interests of society. He added that "TATA Steel has a proud record of corporate social responsibility. It can show the way forward in deploying corporate power in public interest."