Tuesday, January 08, 2008

Singur signals the liquidation of Marxist economic ideology in India

[100 seems the magical figure for Tata Steel this year. As India's oldest steel company completes 100 years, it is all set to cross the magical figure of Rs 100 thousand crore in turnover this year. CNBC-TV18’s Kenan Machado and Krupali Pandit Yadav report, that Tata Steel won't just stop there. Life seems to have come full circle for Tata Steel. Having started operations in 1907, India's largest private steel maker sees its turnover for fiscal 2008 slightly more than Rs 100,000 crore or nearly USD 25 billion. And that's thanks to its USD 12.9 billion acquisition of Corus early last year.
B Muthuraman, MD, Tata Steel said, “The Corus turnover is USD 18 billion and Tata Steel turnover is about USD 6 billion, which is USD 24 billion. Between Natsteel Asia and Tata Steel Thailand it’s more than a billion and a half.” But age hasn't seemed to have slowed down the steel giant. Having had to move the setting up of a new 6 million tonne steel plant within Orissa to Kalinganagar, from Gopalpur, Tata Steel has turned a roadblock into an opportunity. It plans to set up a new 150,000 tonne colour coated galvanizing plant in Gopalpur with an investment of Rs 250 crore rupees. And 3,200 acres of land acquired for the original steel plant there won't be wasted either. “As you know, Gopalpur is SEZ land and we are looking for partners who will come and implement it,” Muthuraman said.
It is also getting a fresh lease of life from the beleaguered Chattisgarh and Jharkhand projects. While work on the Chhattisgarh project will start this year and be commissioned four years later, work on the new 12 million tonne project in Jharkhand will start in 2009 and will be commissioned in 2013. That, it seems, may be enough tonic for Tata Steel to face another century.
Tata Steel gears up for another century: Moneycontrol » News » Business 2008-01-07 source : CNBC-TV18]
[We are in desperate need of a Thatcher-Reagan revolution. We must be able to republish the 1962 manifesto of Rajaji and Masani and honestly embrace the market, not play footsie with it surreptitiously. Is there hope for this? --
Revive the Swatantra Party Because India remains one of the last citadels of confused statism The Indian Express Monday, July 25, 2005] 5:08 AM
Tata Steel in 1907 marked the beginning of the end of the British Empire. Their car factory in Singur signals the liquidation of Marxist economic ideology in India 100 years later. Even Jyoti Basu is now convinced of the primacy of private enterprise. At this juncture, it is appropriate to remember Rajaji, K.M. Munshi, Piloo Mody, the founder of the Swatantra Party and Minoo Masani et al who carried forward their minority opinion. [TNM]

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