New Delhi / Bhubaneswar, 17/05/2020: Welcoming the economic reform measures announced by Union Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur, Chairman of Jindal Steel & Power Ltd (JSPL) Naveen Jindal appreciated Government of India’s focus to build self-reliant India. “These well thought out reforms reflect that the Government is well abreast of ground realities. These measures will help steer our economy out of the present situation caused by pandemic Covid19,” Jindal said in a statement.
Appreciating the Finance Minister’s announcement that Coal Gasification Process (CGP) would be incentivised through rebate in revenue share, Jindal said that the CGP process would definitely help steelmakers in producing steel using indigenous coal truly leading towards Atma Nirbhar Bharat. “India has the third-largest reserves of coal in the world. Its gasification can help our country overcome the perennial shortage of Oil, Gas, Methanol, Ammonia and Urea,” he added. CGP is also known as an environment-friendly technology.
JSPL is the first company in India to build the coal gasification plant in Odisha’s Angul and the first in the world to produce DRI/Steel via coal gasification process.
Jindal also welcomed the Government’s focus on MSMEs and announcement of liquidity boost under the “Atma Nirbhar Bharat Package”. However, he has suggested for more sustainable reform in the power sector and discoms. “While the Rs 90,000-cr infusion into Discoms is fine, there needs to be a permanent solution and there need to be more sustainable reforms. They should be self-sufficient and viable,” he said. He also stressed on increasing India’s power consumption rate, which is among the lowest in the world.
Chairman of JSPL also argued for opening up the skied, at least Non-Scheduled Operator’s Permit (NSOP) flights should be permitted to operate at the earliest.
Jindal also praised the Union and State Governments for their various measures to contain the pandemic. “The Central Government and various state governments have done a commendable job in this regard, otherwise, there would have been havoc in the country,” he added.