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Comment on the Union Budget by Mr. TV Narendran, MD, Tata Steel India & SEA
The Union Budget 2017-18 presented by Finance Minister, Arun Jaitley, focuses on fiscal prudence while furthering the agriculture and rural economy for an inclusive growth. The ten distinct themes identified by the Finance Minister impacting both economic and social development, demonstrate the government’s ingenuity in balancing public spending and fiscal deficit. Union Budget attempts to enhance domestic demand by increasing the budgetary layout on the country’s key economic and social segments as well as taking measures to improve the ease of doing business. Focus on areas such as ports, roads, affordable housing, physical infrastructure should provide the economy, the industry and steel sector necessary impetus to meet its growth targets.
The Steel industry, being a core sector, appreciates the government’s budgetary allocation for infrastructure development. This focus on infrastructure will definitely improve the efficiency and competitiveness of the sector. The government’s plan to put in place a specific programme for development of multi-modal logistics would help the industry. The industry looks forward to working with the government in its plans to develop infrastructure and empower rural communities.