Ministry of Finance
Department of Economic Affairs
Economic Division
Excerpts of points raised by ITMA President, Mr. R. D’Cruz, in
the meeting taken by Finance Minister on 8th April 2008 in his office
at 3 P.M. at North Block, New Delhi.
There were about 16 representatives from Indian Industry besides
officers of Finance Ministry and Secretaries of the concerned
Ministries.
Mr. A.M Naik, CMD L&T, expressed concern about the rising rupee
against US dollar as the export market has adversely been affected
thereby accentuating the problem of unemployment in the country.
Mr. Venkitrangappan of M/s Laxmi Machines along with myself
expressed our deep concern over the acute shortage for Electric Power
in various States.
As president of ITMA, I expressed about the need to
focus on substantial increase in generation capacity during the 11th
Plan. The growth of Indian economy is directly linked to growth of
Power generation as power sector hold key for performance of
infrastructure. The present capacity is much less than what is the
demand. Power being the basic need for any development; all efforts
will get choked, if enough power is not made available to the Industry.
Finance Minister was also informed about the shortage of CRGO in the
international market. The FM was surprised to know that CRGO is not
being manufactured in the country. It was further stated by me that
SAIL used to manufacture CRGO about 10-15 years ago but had to
stop the production as the cost was higher than the imported steel
besides being inferior in quality. India consumes more than 10% of the
total world production of CRGO, as on date and is expected to increase
to 35 - 40% to cater to the growing needs of our industries.
Finance Minister assured to look into the possibilities, though it may
not get high priority since this will be in their long term plans only.
Other points discussed were Antidumping Duty against China, SAT to
be made non-moveable (to make imports costlier), release of funds
(Aids) to the Textile Industry etc. Dr. Mahesh Vyas, CEO of Center for
Monitoring Indian Economy Pvt. Ltd expressed his optimism for the
next 3 years, for the economy to grow at the same pace.
SECRETARY GENERAL
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