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

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Company Meeting-The Tata Iron and Steel Company Limited-Chairman s Statement

The Tata Iron and Steel Company Limited Chairman's Statement Disturbing signs 7. Whilst the country's economic performance was thus gratifying, disturbing signs of change have begun to appear in the current year interpreted by industry and some economists as the beginnings of a deepening recession and by Government as merely a process of adjustment between demand and improved supply with no recessionary implication. Whatever the respective soundness of these two points of view, there is no doubt that, talcing advantage of the greatly liberalised import rules, such large quantities of some products including soda ash, aluminium, polyester and special steels were imported at such unfairly low prices as to create a glut in the market and compel Indian producers of the same products drastically to reduce production or even to close down their factories. It is natural that producers who can no longer sell their products or can do so only at a heavy loss should consider that, at least in their business, a state of recession prevails.

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