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Tata Steel CEO T V Narendran Discusses Minimal Impact of US Tariff on Domestic Steel Sector
T V Narendran, CEO of Tata Steel, asserts that the US tariff will have little effect on the domestic steel sector while European operations may be impacted. He highlights the need for competitiveness and government strategies to mitigate challenges.
The recent 50 per cent tariff imposed by the US government is unlikely to significantly affect India's domestic steel industry, according to Tata Steel's CEO and Managing Director, T V Narendran. However, the company's European operations, which export steel to the US, might experience some challenges due to this tariff. Narendran also noted that other sectors like textiles and gems and jewellery could be impacted.
Despite these challenges, Narendran expressed optimism about the domestic market. "Our growth rate is good and domestic demand increasing. Domestic Steel demand was also growing. But we have to be competitive always," he stated. The company remains focused on maintaining competitiveness amid global market conditions and the new US tariff.
Impact on European Operations
Tata Steel's European operations are expected to feel the effects of the US tariff more acutely. The company exports steel from Europe to the US, where similar tariffs are in place. This situation may require strategic adjustments to mitigate potential impacts on their business in Europe.
In response to these developments, Narendran mentioned that the Indian government is working on strategies to counteract the effects of the US tariff. One such proposal includes reforms in the Goods and Services Tax (GST), aimed at supporting affected sectors and maintaining economic stability.
Community Development Initiatives
Narendran highlighted Tata Group's commitment to community development around its operational areas. He described the group as a nation-building entity, focusing on improving the lives of people in regions where it operates. This approach aligns with Tata Group's broader mission of contributing positively to society.
During a recent event, Narendran paid tribute to former Chairman Sir Dorabji Tata on his 166th birth anniversary. He acknowledged Sir Dorabji Tata's leadership lessons, which continue to inspire current and future leaders within the organisation.
The company's proactive measures and strategic planning aim to navigate these challenges effectively while continuing its growth trajectory in both domestic and international markets.
With inputs from PTI
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