Jamshedpur, April 22: Prime Minister Manmohan Singh today advised the steel industry “to take a long-term view and not fall prey to the temptation of seeking windfall gains from market manipulation in a period of excess demand”.

Addressing the centenary function of Tata Steel at JRD Tata Sports Complex, where he planted a banyan sapling and released a postage stamp specially created to mark the steel major’s centenary year, Singh said: “The Indian economy, as well as the demand for steel, will continue to grow. So, the steel industry should avoid short-term gains that hurt consumers and disrupt the process of economic growth.”

Referring to steel as a “symbol of progress”, Singh pointed out that in the past 100 years the production and consumption of steel have increased manifold. However, the consumption of steel in India is far less than many newly industrialising nations.

“Steel is as much an industry of the future as it is of the past. There is a vast potential for the growth of this industry, and for its modernisation in the years to come,” he said.

The Prime Minister was all praise for Tata Steel’s achievements during the past 100 years.

“Today Tata Steel is a symbol of a new phase in the growth of Indian industry. The impressive turnaround of this company has made it globally competitive. Coming here in the year of its centenary is a moment of great happiness for me. I stand here to pay tribute to the memory of the great founder, late JN Tata, and the thousands of employees, who have over the past century built this temple of modern India,” he said.

The Prime Minister took great pride in the fact that the government in 1992, chose JRD Tata as the first Indian business leader to be awarded the Bharat Ratna.

“I recall that Tata Steel was a pioneer in introducing eight-hour working days as early as 1912, and the concept of leave with pay and employees’ provident fund,” he said, adding that Jamshedpur is a symbol of progress in the 20th century as it has demonstrated that industrialisation is a win-win process.

Singh complimented Tata Steel for showing faith in the people of this region and re- investing in the state.

Referring to Jharkhand, he said that the state government needs to pay more attention to development.

Citing examples, he said that the state needs investment in education, investment in better healthcare, rural infrastructure and urban development.

Earlier in his welcome address, Tata Steel managing director B. Muthuraman said that it was a great honour for the steel giant to have the Prime Minister on the historic centenary celebration.

“We assure the Prime Minister that with the government’s support on easing the land acquisition process and granting captive iron-ore and coalmines, we would speed up our projects,” said Muthuraman.

He also announced that in three months from now, the Jamshedpur works will be a seven-million-tonne capacity unit and by mid-2010, it will achieve the 10-million-tonne mark making it the largest capacity in a single location in India.

On the suggestions made by the Prime Minister in Jamshedpur today, Tata Steel decided to hold the prices of its steel products at current levels.

A statement in this connection was later issued by Muthuraman.

Governor Syed Sibtey Razi, chief minister Madhu Koda, Union minister of chemicals, fertilizers and steel Ram Vilas Paswan, Union minister of food processing Subodh Kant Sahay, Union minister of state for steel Jitin Prasad and Union minister of state for communications Jyotiraditya Scindia and CEO of Equua Redcell Suhel Seth attended the function.

The Prime Minister flew to the city from Bokaro by an Indian Air Force helicopter and soon after attending the function left for Delhi via Ranchi.