Positive mkt mood yet to affect economy: JSW Steel

Seshagiri Rao, joint MD and group CFO, JSW Steel explains to CNBC-TV18 that the turn in market sentiment has not resulted in any significant improvement of the economic environment on the ground.

Below is an edited transcript of the interview on CNBC-TV18.

Q: Though the Q2 GDP at 5.3 percent was a negative and extremely tepid number, the stock markets seem to smell some kind of an improvement. The core sector data for October is at 6.5 percent and today the PMI of above-53 for November isn't too bad. Do you think that the worst is over?

A: Though the sentiment appears to be reviving, there is no significant improvement at the ground-level. In October steel consumption went down as low as 2.2 percent and the results announced by the auto sector are not very robust and some companies have shown a declining trend. Overall, there isn't any sizeable or perceptible improvement on the ground, but the sentiment is better than it was in November.

Q: Do you think the NIB may not, perhaps, make a big difference?

A: In my view, the NIB's objective will remove key bottlenecks and will serve the purpose of implementation of projects by PSUs. I hope the NIB will also aid the private sector in completion of projects.

Await further updates...

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