Recognising midsize companies can speed up economic growth: Chaudhary Birender Singh

At the Fortune India Next 500 summit in Gurugram, union minister of steel Chaudhary Birender Singh, spoke to senior assistant editor Arnika Thakur about the importance of midsize companies, how SMEs contribute to the country’s steel production, and the turnaround in the sector. Here are edited excerpts from the conversation:

Why do you think it is important to recognise midsize companies?

When you give recognition to someone, the commitment becomes more and more solid in one’s mind. Even when a student gets an award, that keeps haunting him to do something better in life. In the steel industry, the small and medium industry contributes about 57% of the total steel production and that’s why I think they are more important that the integrated steel plants. That’s why they should be recognised. They should be given prominence, that directly or indirectly can speed up your economic growth.

You have been credited with the turnaround of the steel sector, what would you call your biggest achievement in your tenure?

The turnaround itself is the biggest achievement. Three to four years ago, the steel industry was under distress, there were a lot of bad loans, stress loans, and now within two years, we resorted to minimum import price (MIP), and later on anti-dumping measures, those reaped results. With those results, now there is a total smooth functioning, and the production has touched new heights. For the first time India achieved three figures in steel production.

For The Next 500 2018 list, click here