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The government of India plans for the modernization of Public Sector Undertakings (PSUs). The Steel Minister, Virbhadra Singh told media that his ministry would spend Rs 70,000 crore for the modernization of and expansion programmes of three PSUs – Steel Authority of India Limited (SAIL), Rashtriya Ispat Nigam Limited (RINL) and National Mineral Development Corporation Limited (NMDC).

The United Progressive Alliance (UPA) government has set 100 days agenda for the economic reforms and developments in India. The Prime Minister Dr. Manmohan Singh held meeting with PMO officials over the 100 days agenda on Thursday. The Steel Minister, Singh has informed that the government has vision to increase the steel production in its 100 days agenda.

It is very important for the government of India to review the performance of the PSUs amid the global slowdown. The government eyes to achieve the capacity of producing 124 MT steel annually by 2011-12. Various measures would be taken to achieve the target by the UPA government, the minister asserted.
The government has set target to achieve doubling their annual steel production by 2011-12, the minister informed media. It is note worthy that the steel sector of India was one of the worse hit due to the global economic crisis. The steel producers across the globe are in wait for the package to check the impact of the global slowdown.

The steel producers might go for hike in the price of steel in order to face the competition and the global slowdown. The rise in the steel prices would have huge impact on the economy and will carry cascade effect on other products too.

Experts believe that the move for modernization and expansion of the three PSUs is at proper time as there is impact of the global slowdown on steel and industry sector. The investors and industrialists of the world are ambitious about the short term and 100’s agenda of UPA government.