Invest more in R&D: SAIL chief

Insufficient iron ore mines and negligible investments in research and development are hindering the growth of steel industry in India, S K Roongta, chairman, Steel Authority of India (SAIL), said.

In his inaugural speech at the Nirma International Conference on Management (NICOM), 2007, Roongta pointed out that though the industry had good scientists and researchers, very little investments were being made in the field of R&D.

Transaction cost is another area that the industry has to deal with, he added.

"There are long delays, resulting in an increase in the average transaction cost. A 2005 World Bank Report shows that when it takes 41 days in China to set up a business, in India it takes 89 days for the same. Similarly, it takes 61 days to buy an estate in India, while in China it takes just a month," he said.

The three-day conference was organised by the Institute of Management of Nirma University. The theme this year was 'Enhancing Enterprise Competitiveness'.

The conference also had workshops and panel discussions on topics like 'Sustainability of Special Economic Zones' and 'Business History of Gujarat'.