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Time of India
24-06-2025
- Business
- Time of India
Iran-Israel conflict not to have much impact on Tata Steel unless it lasts long: MD a& CEO T V Narendran
Tata Steel CEO & Managing Director T V Narendran on Tuesday said the overall impact of the Iran-Israel conflict on the company was not much. He said this on the sidelines of a programme organised by the Singhbhum Chamber of Commerce and Industry (SCCI). Narendran said 95 per cent of sales of the company take place domestically on Indian currency. Hence, the overall impact on the company would not be much for the time being but if the conflict lasts long, then its impact will be felt globally including Tata Steel. Narendran welcomed the ceasefire declared between Iran and Israel and expressed hope that this will help reduce the hostilities. "However, Tata Steel being a global company, we have to be prepared to face such a situation," he said. Live Events To a query, the Tata Steel CEO said trade and tariff coupled with an increase in duty imposed by US was a challenge for the sector globally. "Our maximum export takes place to European nations and the US," he said and expressed apprehension that the company's customers in those countries would bear the brunt on the cost front. Besides, the cost of shipping, shipping insurance, and logistics will also go up with the increase in oil prices if the Iran-Israel conflict stretches for long, Narendran said. The oil prices had surged during the last fortnight and would go up further if the conflict continues, he observed. "We procure limestone from the Middle East and also export steel there. The logistic cost would certainly increase if the conflict lasts long," he said. About the country's projected 6.5 per cent GDP growth, Narendran said it is good compared to other economies of the world growing at 3 per cent. "India is the fastest growing economy but we have to maintain it," added.
Time of India
15-05-2025
- Business
- Time of India
Encroachment on JSR's Sakchi mkt roads hits traders
1 2 Jamshedpur: Nearly 100% of the roads in the Sakchi market have been encroached upon by illegal hawkers, leading to chaos and sharp decrease in footfall at permanent shops. The traders, who pay high rent and taxes, are feeling the pinch as hawkers capture the road leading to their shops. President of Singhbhum Chamber of Commerce and Industries (SCCI) Vijay Moonka said, "Earlier hawkers used to put up their stalls only on Tuesdays (scheduled closure of markets in Jamshedpur), which was called 'Mangla haat'. But encroachment of roads by hawkers started on a daily basis after Covid restrictions were removed. This has turned into a menace as the roads within the market, which has around 400 legal shops, have been captured by illegal hawkers." "Big shopkeepers have lost nearly 60-70% of their regular customers due to this mushrooming and thriving illegal business on the roads, who are not paying any tax or rent. These hawkers do business in several crores daily, " he added. The SCCI president added, "This has not only dented the business prospects of bonafide shopkeepers but creates a lot of problems for many residents who have houses within the market area. In case of emergency, ambulances or fire engines lack smooth and easy entry." Moonka said, "Sakchi market has witnessed several fire incidents but local administration turns a blind eye to the this serious issue." Ramesh Khemka, who owns a shop in Sakchi market, said, "Our shop is below our residential house, right in the middle of the market. Due to illegal hawking, the ambulance which was called to take my aging mother to hospital faced lot of difficulty last week." "The fire hydrants which were set up after a major fire in Sakchi market have now become stalls for hawkers. They are using these equipment to display and sell their products, directly compromising with the safety of shopkeepers and residents here," he added. Teacher Kakoli Mukherjee lamented, "I have stopped visiting Sakchi market as encroachers crowd the road and it is not safe to go there as pickpockets and mobile snatchers take advantage of the crowd to carry out their illegal activities. Recently, my friend's mobile was snatched at Sakchi market." Jamshedpur Notified Area Committee had carried out raids to remove the hawkers but failed to clear the space as the encroachers returned within 24 hours. "Anti-encroachment drive to clear pavements and roads of Sakchi market was taken up by then deputy commissioner Vijaya Jadhav but that too fizzed out within a short time," say shop owners. JNAC head Krishna Kumar on several occasions has assured to remove all encroachments at Sakchi market.
