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More 'reforms' needed to gear up sluggish economy - Nerurkar

Posted on Oct 03, 04:13PM | UNI

Tata Steel Managing Director H M Nerurkar has said the UPA government at the Center should announce more 'reformative' measures to boost the 'sluggish' Indian economy.

Talking to newsmen here last evening on the sidelines of a function, Mr Nerurkar said though the reforms measures taken recently by the Manmohan Singh government were a 'good step' forward yet they were not sufficient to fully gear up the economy.

'We need more reforms and the government should ensure that the results are visible on the ground too. Anyway, the good news is the government is active after around one and a half year of inactive mode,' the MD said.

To a query, he said though he was not an expert on the subject yet he felt that the FDI in retail sector would be beneficial for the Indian farmers.

Talking about the steel sector, Mr Nerurkar said the steel prices in India had come down following lowering of the iron ore and coal prices in the international market. The demand from auto sector had shown some improvement last month. The Indian operations of the company was working with full capacity while Tata Steel Europe was on a 80 to 85 per cent figure.