In his first stint as a Cabinet minister, Virbhadra Singh is determined to ensure time-bound execution of the capacity expansion and modernisation plans of steel public sector undertakings. In his first interview to a newspaper after assuming charge, steel minister Singh talks to Priyadarshi Siddhanta about his priorities in the coming days — from fast-tracking investments to the tune of a staggering Rs 11 lakh crore, getting the Chiria mines for state-owned monolith SAIL to giving some protection to domestic steel majors by pushing for a further 5 per cent hike in import duty. “Tackling sticky issues like the tardy land acquisition process and expediting environmental clearances will be high on my agenda,” he says. Excerpts:

The steel industry has been crying hoarse about cheaper imports. Steel makers say such imports are not only depleting their market share, but also hitting their profit margins? Do you agree on their demand for enhancing the import duty?

Well, I do not agree to the contention on dumping, but they do have a valid point on cheaper imports flooding the local markets. These cheaper imports are happening mostly from neighbouring countries and merit immediate attention. There is a case for an upward revision of import duty in the coming days. I believe that hiking import duty from 5 per cent to 10 per cent is justifiable.

What is your blueprint to fructify the promised investments in the steel sector? Are you planning to set up any empowered mechanisms for the same?

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