india-growth-story-to-continue-with-lot-of-capex-jindal

The impact of the Middle East conflict will not last more than two months, and India’s growth story will continue with a lot of capital expenditure by industries, JSW Group chairman Sajjan Jindal said on Saturday.

 

Speaking to reporters on the sidelines of IIM Nagpur’s 10th convocation, where he was the chief guest, he said industries focus on long-term plans. He responded to questions about his expectations for capex in 2026-27, and whether he sees sufficient demand that will encourage companies to invest due to the ongoing war involving the US, Israel and Iran.

 

The Middle East conflict is little of a setback for India’s industrial growth, he said. “However, everybody understands that this is temporary. It can get over in a week’s time or a month’s time, or in two months at the most,” he said.

 

The business leader said industries plan for the very long term, spanning 20, 25 or even 50 years. “So, India’s growth journey will continue. A lot of capital expenditure is being made by industries. Now, the pace of capital expenditure is increasing because the balance sheets of a majority of the companies are very healthy,” he said.

 

To a question about how industries could contribute to Prime Minister Narendra Modi’s call for saving foreign exchange beyond boosting exports, Jindal said “Make in India” itself was helping save forex. He said electric vehicles are among the major initiatives being pursued by the JSW Group in line with the PM’s vision of reducing oil imports and encouraging a shift towards e-mobility. Such measures would have long-term benefits for India, Jindal said.

 

“JSW Group is doing everything that is needed for localising manufacturing in India and helping save foreign exchange for the country,” he said. Their group is working to build cells and batteries for electric vehicles in Nagpur, said Jindal.

 

About JSW’s proposed 25-million-tonne steel plant in Gadchiroli, Jindal said it is a natural area for setting up large steel complexes due to proximity to iron ore mines, which were “blocked” all these years due to Naxalism.

 

Also read: ‘Govt to sustain capex push despite fiscal stress’