While answering the question about growth in the steel sector, Naveen Jindal said that in this country, the steel industry has tremendous prospect to grow. The per capita consumption of steel is currently 63kg each person each year. The consumption average of the world is 200kg. Additionally, the government is very focused on building the right infrastructure which the steel sector needs to grow.
Construction cannot take place without steel this is one of the facts which everyone accepts. Therefore, Naveen Jindal sees great opportunities for the steel plants in the coming time. He also mentioned that due to the lack of new steel plants, the existing ones would get the benefits.
As the conversation moved ahead, the question of GST implementation came up automatically. Naveen Jindal called GST a boon for the steel sector. He also added that the whole economy of the nation awaited something like GST. Maintaining this, he said that the tax reformation should have taken place before. However, he is pleased that it is finally here. He argues that due to GST tax rate has reduced and therefore, the steel industry is seeing a rise in the profit now.
To answer the question whether JSPL is looking for new market coking coal or not, he said that JSPL already has mines across the world and the consumption rate is high there as well. Once the consumption is over, JSPL buys the materials from the market. Therefore, the world needs to wait before JSPL increases the coke capacity.