Companies

Every economy faces headwinds, India no exception: Vedanta

PTI New Delhi | Updated on August 28, 2019

File Photo   -  Bloomberg

Stating that every economy faces headwinds and India is no exception, mining major Vedanta said the country’s economy is going through a “transition”.

The remarks come at a time when IMF and Asian Development Bank (ADB) have lowered India’s growth forecast, citing global and domestic headwinds.

“I think every country, every economy faces headwinds. Ours is no exception. You are aware that in auto and other sectors, slowdown has happened in the past but at the same time you have also seen the package which has come from the finance ministry...you have to remember that our economy is going through a transition,” Ajay Kapur, CEO, Aluminium and Power, Vedanta, told reporters here.

The company, a leading primary metal producer, further said it is producing new products, especially for the auto sector, which would be a game changer in the time to come.

When asked if it is a good idea to produce new products for the auto sector, which is going through a slowdown, he said, “slowdown is there today, but will it remain for all time to come? You are aware that in auto and other sectors slowdown has happened in the past.”

The company said it is focussing on value-added products, including billets and wire rods.

Asked if the company is planning to tap any new market, Kapur said that within India it is concentrating more on value addition.

Published on August 28, 2019

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