Growth needs to keep up pace: Tata Steel CEO

Marking his appreciation for the Centre's initiative to push up the economy in the wake of slowdown, Tata Steel managing director HM Nerurkar on Saturday said the current quarter has witnessed some growth.

"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 per cent last and expected to be 5.5 per cent 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, Nerurkar told newspersons soon after hoisting the tri-colour at the company's plant here.

He said Tata Steel alone cannot address the prevailing situation unless the projects in the infrastructure sector were implemented soon.

About Tata Steel's modernisation plan of its Jamshedpur plant, Nerurkar said it was complete and that the commissioning of the 9.7 million tonne plant is under process.

"We are expecting the start production to its full capacity from this quarter," he said.

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