‘Year 1991 is as important as 1947’

Tata Steel MD B Muthuraman said in many ways, 1991 marked the beginning of a new India.

Though India came out of the colonial rules in 1947, we could enjoy the fruits of economic freedom only in post-1991, with the onset of liberalisation scripted by present Prime Minister Manmohan Singh, Tata Steel Managing Director B Muthuraman said on Friday.

Stating that the year 1991 is as important as 1947, Muthuraman, while hoisting the tricolour on the occasion of 62nd Independence day at Tata Steel works on Friday, said in many ways, 1991, when Manmohan Singh was Finance Minister in the Narasimha Rao government, marked the beginning of a new India.

Although the progress had been slower at the beginning (aftermath of 1991), the growth was recorded at accelerated pace during the last five/six years, he said.

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Coming down to the current slowdown in several parts of the world including India, he said, “I believe our country is building for itself a strong enough foundation for growth to be sustainable.”

Muthuraman later dwelt on the progress of different Tata projects. He expressed confidence that the Singur project in West Bengal will be commissioned as per schedule and the Nano car will be on road on time.

Expressing satisfaction over the progress in Kalinganagar project in Orissa, he said the company started construction work in the area and more than 50 per cent order for equipment has already been placed.

About the ongoing expansion work at Jamshedpur works, he said the plant will have 10 million tonne per annum capacity by middle of 2011.

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Referring to the project at Dhamra, he said the progress was good and the project expected to be commissioned in next one and half year.

He, however, rued the pace of progress made for its Saraikela-Kharswan greenfield project.