A paucity of ideas for research, and not funds, is responsible for low spends by the industry on R&D projects, T.V. Narendran, Tata Steel Managing Director India & South East Asia, said here on Saturday. “The issue is about project ideas.”Focussing on the auto and the construction industry, he said that these two sectors account for 70% of India’s steel demand. The recent Make in India initiatives by the Centre and the emergence of India as a hub for small-car companies should generate increased demand for steel, he said. “Tata Steel , a long-term partner of the automobile industry looks forward to this, along with other major steel producers like JSW and Essar,” Mr. Narendran said.

Source: The Hindu February 19, 2017 00:34 UTC