GST will help bring down the cost of doing business: TV Narendran, Tata Steel

In an exclusive chat with ET Now, Tata Steel MD TV Narendran said that GST will help in optimising on the supply chain. Edited excerpts...

TV Narendran: It is good because I think it brings in more efficiencies into the system. We have always said that apart from the ease of doing business, the cost of doing business should also come down and I think GST will help bring down the cost of doing business. GST will help us run a more efficient supply chain, will help us optimise on the supply chain and not worry about local billing and taxes and things like that. So that is also a positive step for the industry.

ET Now: What is the outlook on the steel prices so far, what do you think where will they go in the coming few months?

TV Narendran: It depends. See in India there is-- we have always said there is more supply than demand in India in terms of steel capacity and as you have seen even in the last six months the steel prices never went up to MIP levels in India because there was enough capacity and so the demand supply will determine what the price levels is. In fact the international prices went up much more than it went up India.

ET Now: What do you want in the short term and long term?

TV Narendran: Well in the long term it creates conditions where people are encouraged to invest in India and build capacities in India, produce steel in India and we are not at the mercy of problems which some of the other countries may be having.