At the Bangalore air show, we got a contract from Boeing for supplying structural components, and we are already supplying jet engine components to Rolls Royce. Both these are titanium-based, not steel components.

Our strategy should be based on indigenisation and import substitution. The government must provide opportunities for domestic companies to participate in sectors in which the country continues to depend on imports.

The commodity price easing really does not play too much role in our margins because our basic raw material - steel - is not really a commodities engineering steel.

Subsidies on petroleum products and fertilizers should be phased out in a defined, time-bound manner. The resources that would get freed up could then be used to fund various social sector programmes in education, healthcare and other priority sectors.

Bofors was a steelmaker that became a forgings company and then went on to build guns. Companies like Krupp and Thyssen were in steel and forgings before entering defence. There are similar examples in the U.K.; it is a natural progression.