India is somewhat insulated from the prevailing global economic downturn because of its low import dependence and strong foreign exchange reserves, said HM Nerurkar, executive director (India and South Asia) of Tata Steel Limited.
However, he pointed out that the country cannot escape the downturn completely as the export oriented sectors would be hit.
He felt that the prevailing economic meltdown offered opportunities and the situation needs to be handled maturely.
"Following the global economic meltdown, Tata Steel went for a complete revamp of its plans and used the FMCG (fast moving consumer goods) model to sell steel. The company also had access to a large pool of data on account of a robust ERP (enterprise resource planning) system", he added.
Nerurkar was speaking at the naming ceremony of the new academic block of the Xavier Institute of Management- Bhubaneswar (XIMB).
The new academic block was christened Tata Centenary Learning Centre.This has been commissioned at a cost of Rs 7 crore and Tata Steel has provided a financial support of Rs one crore.