Page 24 - August-2020-Issue

ARTICLE

Table 4: Chart -1A: Movement of Steel Prices in June ‘19 to June ‘20 Conclusion
(US $/t) The call for self sufficiency by
the Hon’ble Prime Minister in
building up our own base of
manufacturing is indeed time-
ly. The pandemic has created a
vacuum in global manufacturing
space with the leading countries,
Germany, France, Italy, UK, USA
losing their momentum in basic
manufacturing operations, have
already started withdrawing
their bases from China, Vietnam.
Indian manufacturing sector es-
pecially the MSMEs must utilise
Source : SBB this opportunity by taking part
in the global supply chain and
Chart -1B: Movement of Steel Prices in June ‘19 to June ‘20 thereby attract foreign investment
(US $/t) in setting up facilities in India or
expanding the existing facilities.
The GOI is to further simplify
the contractual clauses and doc-
umentation for doing business
without compromising our inter-
est. The growth of manufacturing
is most crucial for the country
in the post lockdown period to
create job opportunities, income
generation, demand for com-
modities like steel (also special
grades) and earning foreign ex-
change via exports.
Source : SBB
The pandemic has transformed
the manufacturing sector in fa-
Chart -1C: Movement of Steel Prices in June ‘19 to June ‘20 vour of digitisation, use of soft-
(Rs./t) ware based technologies (SAP,
ERP) including those related to
customer services. The change
has necessitated focus on skilling
of new capabilities and re-skilling
of the existing people in changed
domain of the standard practices.
The safety and health related fac-
tor in operation of steel plants,
the social distancing are bringing
the new work culture and prac-
tices which are going to be the
new normal. The fight against the
virus is on and we must come out
Source : JPC successful and growing.

24 KaleidOscope August, 2020