Jamshedpur: Marking his appreciation for the Centre's initiative to push up the economy in the wake of slowdown, Tata Steel Managing Director H M Nerurkar on Saturday said the current quarter has witnessed some growth.
Unfurling the National flag on the occasion of 64th Republic day function inside the company works here, Nerurkar said certainly, we have witnessed some improvement this quarter but it has to move at a pace what it was earlier.
The growth rate was recorded at 6.5 percent last and expected to be 5.5 percent next year, he said adding that while the quarter three of the financial year was sluggish, it was expected to be encouraging next quarter.
The union finance minister has taken action to improve the prevailing conditions but the announcement made on the infrastructure sector has to be implemented to push up the economic growth rate, he said while talking to newsmen soon after hoisting the tri-colour.
He said Tata Steel alone cannot address the prevailing situation unless the projects in the infrastructure sector were implemented soon.
About Tata Steel’s modernization plan of its Jamshedpur plant, he said it was over and commissioning of 9.7 million tone was almost complete.
"We are expecting the start production to its full capacity from this quarter," he said.
Referring to Tata Steel’s Kalinganagar project in Odisha, Nerurkar said the project was going great and expected to commission the first phase in 2014.