Tata Steel Managing Director H M Nerurkar on Thursday said there was a need to undertake some austerity measures and think differently to face the prevailing challenging economic scenario.
Unfurling the national flag on the occasion of 67th Independence day at the company works today, Nerurkar said the country was passing through a difficult economic scenario with Reserve Bank of India forecasting the GDP growth at 5.5 per cent during the FY 14.Other global agencies have also pegged the GDP growth rate between 5 to 5.5 per cent during the same period. The industrial growth is down and inflation is up, Tata Steel MD said.
“This is quite a difficult situation for all of us and we should think quite differently to ensure that we all should take some austerity measures to control the situation, he urged. “All this was not well for our country, community as well as the company, he said and added that the last Quarter of FY13 has been a difficult for Tata Steel as company and that the economic scenario continued to be challenging. The automotive, construction and infrastructure sector continue to face difficult times, Nerurkar said.