Jamshedpur (Jharkhand): Tata Steel
Managing Director H M Nerurkar today said the new year would
be equally challenging as last year as the global recession is
"The economy is still pulling out of recession. Last
year was extremely challenging. Such crisis we had never
witnessed in our career and it was worse than Great
Depression," Nerurkar said at a New Year`s ceremony here.
The recession could not affect India as badly as other
developed nations in Europe for government`s initiatives and
strong banking system in the country, he said.
Tata Steel Managing Director regretted that
mineral-rich Jharkhand could not progress to its expectation
due to political instability.
"The new state government is expected to provide
economic stability and bring the state back on the road to
progress," he said.
Nerurkar said the global economy was slowly picking up
but the steel sector was not as booming as 2007.
Expressing satisfaction over the consumption of steel
in India, he said, "The pressure on the prices would be there