PM calls for private investment in steel production

Visakhapatnam, May 20 (UNI) Prime Minister Dr Manmohan Singh today called for private and foreign investment in tandem with the public sector in the steel sector to make the country one of the leading producers in the world.

Addressing a gathering after laying the foundation stone for the expansion of Visakhapatnam Steel Plant, Dr Singh said though India had vast iron ore reserves, the country could not somehow become a major steel producer.

He said he had urged steel baron Lakshmi Mittal to come back to India and strengthen the steel industry here.

Congragulating the workers of Visakhapatnam steel plant who pulled the plant out of red and earned Rs 2000 crore profit, the Prime Minister announced an exgratia of Rs 5000 to each worker.

Dr Singh assured that the Centre would take steps to strengthen the Hindustan Shipyard and make it one of the largest on the eastern coast.

He said a proposal to strengthen the shipyard at a cost of Rs 2000 crore was under the active consideration of the Centre.

He said the Centre was considering the proposal to revive the Bharat Heavy Plates and Vessels Limited, here.

The Prime Minister said the region between Visakhapatnam and Kakinada was being developed as a modern industrial belt.

He said Visakhapatnam has a special place in the industrial map of the country and added the Steel Plant was won by the people of the city by their sacrifices.

He recalled that former Prime Minister late Indira Gandhi had laid the foundation stone for the plant 30 years ago. The expansion now was a fulfilment of her dream.

Dr Singh hoped that the expansion would help in making Andhra Pradesh, a leading and prosperous state.

He said he had the confidence that the state would prosper under the leadership of Chief Minister Dr Y S Rajasekhara Reddy.

He called for rapid industrialisation to provide more employment and take the pressure off the agriculture sector.

He assured that his government was committed to providing social security for the working class.

The Prime Minister called upon every industry to concentrate on greening as the Visakhapatnam steel plant was doing.

Dr Singh also congragulated the workers for the plant being accorded the status of Mini Ratna'.

UNI DB/ASJ VV 1336