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?

One of my key challenges is to bring about an enabling environment for fast-tracking clearances for these promised investment proposals (worth Rs 11,00,000 crore) in the sector to enable their fructification in the shortest possible time. I also intend to set up appropriate empowered mechanisms for expediting investment proposals and for statutory clearances without prolonged delays. My ministry has also suggested the formation of an empowered committee at the level of the Planning Commission consisting ministries of steel, railways, highways and shipping and also officials of mineral-rich states to plan and invest in infrastructure projects related to steel investments. Besides, we have also demanded the formation of an empowered body comprising officials of the central and state governments to coordinate and decide about the allocation of iron ore mines and forest clearances related to steel investments. Tackling issues like the tardy land acquisition process, ensuring raw material security to investing utilities, expediting environmental clearances and enhancing the pace of infrastructure creation is key to attracting FDI in the sector and fructifying pledged investments.

It is perceived that promised capacity-expansion programmmes in the steel sector have been badly hit by the global economic downturn with steel makers going slow on their pledged expansion. How do you plan to redeem the situation?

Ever since I took over I have made it clear that the PSUs under my ministry must expand in a time-bound and cost-effective manner and strive to complete their exercises within the next three and a half years. I am determined to promote steel production. If they have problems, we are here to sort those out, but I expect them to complete their expansion and modernisation (E&M) programme within the said time. Both Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) are currently executing their E&M programme worth Rs 70,000 crore wherein SAIL is seeking to ramp up its capacity to 26 million tonnes and Vizag-based RINL is aiming to enhance its production to 9 MT. National Mineral Development Corporation (NMDC) is keeping up with its pace of expansion. I have decided to personally monitor their capacity expansion exercises routinely and will take up issues pertaining to their projects with the relevant ministries.

While you want behemoths like SAIL to undertake time-bound capacity expansion, there is also a case for ensuring their raw material security. SAIL, for example, is seeking the Chiria mines and RINL has no access to captive mines. What do you say?

Well on the Chiria issue I say that SAIL should get it within two months. I am going to write to the Jharkhand governor, seeking his intervention on the matter. The state government has finally agreed to transfer the ownership of the mine in the name of SAIL from IISCO Steel Plant. As far as RINL is concerned, we are trying for a strategic partnership between it and Nilachal Ispat Nigam Limited. If that happens then the Vizag-based PSU will no longer starve due to raw material insecurity.