Jamshedpur, Apr 22: Prime Minister Manmohan Singh today urged the industry to eschew short-term gains that hurt the consumers and disrupt the stability of the process of economic growth.

''The Indian steel industry is on the path of growth and will continue its progress if the industry adopts a broader view instead of a short-term goal for instant gain,'' Dr Singh said while addressing a function on the occasion of steel major Tata Steel's centenary celebration at the J R D Tata Sports Complex here.

The prime minister said steel symbolized progress and in the past one hundred years production and consumption of steel had increased sharply. But he regretted that consumption of steel was still below that of many industrialized nations.

''As the steel industry has vast potential for growth and modernisation in years to come I will advise our 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,'' Dr Singh advised.

He asserted that the Indian economy would continue to grow and the demand for steel would also continue to rise.

UNI