ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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STEEL INDUSTRY-Paradip Another White Elephant

Paradip: Another White Elephant K V Subrahmanyam A DECISION has been taken to locate the latest public sector steel plant at Paradip, on a turn-key basis with the help of the Davy-Mckee group. The loan for it is to be repaid by exporting 50 per cent of plant's production. The decision might not be welcome to knowledgeable sections of the Indian public. The British government, however, had made herculean efforts to have the deal clinched in favour of Davy. This, it was able to bring about despite the fact that Davy- Mckee commands far less resources than the rival from Germany seeking the same contract. Moreover, Davy- Mckee has practically no experience of putting up complete steel plants compared to Mannesmann which has experience of putting up nearly a dozen plants all over the world. Both corporations belong to the EEC. And, in the depression facing their steel making and steel machinery manufacturing industry, the developed countries have been seeking solutions by seeking new markets in the third world countries. It is ominous that they have been successful in India, since their success would further undermine the base for the healthy development of the Indian steel economy.

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