Prime Minister Manmohan Singh On Monday asked Indian steel tycoons eyeing global expansions not to overlook opportunities at home and assured all assistance to the industry in meeting the rising domestic demand.
"I want the Mittals and the Tatas and others who are eyeing global opportunities to also invest more at home. India is a land of opportunity. Don't miss the moment," Singh said in his address at a steel summit.
"The growing self-confidence of our steel industry is demonstrated by the fact that Indian producers are now enlarging their global reach and presence," he said, adding, "the government will do whatever is necessary to ensure that our industry is able to meet the growing steel demand."
Observing that 50 per cent of demand comes from construction, Singh said India was slated to witness a massive increase in investment in infrastructure sector. "Consequently, there is bound to be a massive growth in demand for steel in the next few decades - perhaps to levels never visualised before."
Singh said the efforts of Indian producers to acquire mines abroad for assured input linkages were another evidence of the growing maturity of Indian steel companies.