December 23, 2024 07:37 pm (IST)
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Jaitley has done an excellent balancing act: SAIL on Budget
New Delhi, July 10 (IBNS): Steel Authority of India Limited (SAIL) said the Union Budget presented by the Narendra Modi government on Thursday is against a challenging and often conflicting set of objectives for the current fiscal.
It said the Union Finance Minister Arun Jaitley has done an excellent balancing act.
"The renewed focus on infrastructure viz. development of smart cities, ports, Pradhan Mantri Gram Sadak Yojna, power plants, plan for doubling pipeline grid, metro for tier 2 cities, industrial corridor, incentives for housing, and revival of SEZ etc. will go a long way to further consolidate growth and giving fillip to steel sector which has faced stagnant demand of late," C S Verma of SAIL said.
"The increase in customs duty for stainless steel will provide the requisite protection at a time when the demand has slackened. Other measures such as reduction in customs duty for steel grade limestone and dolomite, as well as ships for breaking should also help the industry. However, the industry particularly the integrated steel sector will be impacted by customs duty increase on coking coal to 2.5%," he said.
Meanwhile, Woodland Managing Director Harkirat Singh said, "The new government has addressed and touched upon important factors in this budget impacting various sectors like telecom, banking, education and agriculture. Key initiatives for women empowerment is crucial and has been well considered through programs like 'beti Bachao Beti Padao' Yojna, women and child development."
Union Finance Minister Arun Jaitley presented his maiden Union Budget in the Parliament on Thursday.
Aiming to take the growth of Indian economy to over 7 percent in next few years and reducing fiscal deficit, Union Finance Minister Arun Jaitley presented the Budget for 2014-15, the maiden of the Narendra Modi government, with a big focus on the rural and agriculture sectors and announcing a clutch of infrastructure schemes and measures to woo foreign investors by welcoming FDI in defence and insurance sectors.
Jaitley also raised the income tax limit for the common man to Rs 2.5 lakh from the existing Rs 2 lakh and did not make any changes in the direct taxes.
Jaitley announced an increase in the FDI in defence to 49% from the existing 26%. FDI in Insurance sector was also raised to 49 percent.
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