"It is unfortunate," said Seshagiri Rao, joint managing director and chief financial officer, JSW Steel. Industry has been going through a painful phase of high interest rates, declining demand and insufficient availability of working capital.
"The puzzle," said Rao, "remains how inflation is inching up structurally with virtually no pricing power with the industry. Industry is not able to pass on even the cost due to inflationary impact.
"It clearly establishes that the high costs of goods and services are due to constraints attributable to expensive supply-side logistics."
In sum, industry says profitability is being squeezed and needs to be addressed by encouraging investments in supply-side infrastructure, not constricting investment demand with unaffordable
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