Iran war impact won’t last beyond 2 months; India growth story to continue with lot of capex: Jindal

JSW Group Chairman Sajjan Jindal believes India's growth story will continue despite the Middle East conflict, which he expects to have a temporary impact lasting no more than two months.

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, chairman of JSW Group Sajjan Jindal said on Saturday.

Speaking to reporters on the sidelines of IIM Nagpur's tenth 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.

''Now, there is complete peace as far as the Naxalite movement is concerned. Hence, JSW has already committed to building a 25-million-tonne integrated steel plant in Gadchiroli,'' he said.

The plant will begin once the group gets its mines and secure access to raw materials. Based on that, the investment will flow very quickly, he added.

Addressing the gathering at the convocation, IIM Nagpur Director Dr Bhimaraya Metri said the institute has made a significant jump in the NIRF (National Institutional Ranking Framework) Rankings 2025, securing the 25th position in the Management category.

It is the youngest IIM to achieve the feat, and is now ranked 10th among all IIMs, he said.

On the global front, the institute has also received recognition from CEOWORLD Magazine, which ranked IIM Nagpur among the world's Top 150 business schools and placed it 17th in Asia, he said.

Speaking about placements, Metri said the number of students placed rose by over 15 per cent compared to last year. The highest package offered this year stood at Rs 73.17 lakh per annum, marking an increase of more than 5 per cent, while six students secured international placements, he said.

While over 250 companies participated in the final placement process, the institute also welcomed more than 100 new recruiters on its campus, said Metri. The institute director said 40 students received pre-placement offers.

''These numbers tell us that IIM Nagpur is gaining stronger recognition, stronger acceptance, and stronger credibility in the world of business and management,'' he added.