Union Minister of Steel and Mines Narendra Singh Tomar has termed the Union Budget presented in Parliament on Monday as a Budget for the villages, farmers, poor, entrepreneurs and the youth. He said that envisaged expenditure on infrastructure and road construction will give a boost to economy and generate demand for steel in the country.
Tomar also appreciated various initiatives and decisions in the Budget aimed at bringing improvements in agriculture sector, irrigation systems, health care, education, skill development and poverty alleviation.
The Union Minister also welcomed the decision to increase custom duty on zinc alloy, which will control the recent surge in imports. Removal of export duty on iron ore with Fe content less than 58 % will encourage exports of iron ore which is not being utilised in India and increase in custom duty by 2.5 % on aluminium will provide relief to domestic industry, he added.
Tomar exuded confidence that steel industry will benefit from increase in steel demand as a result of various decisions taken in the Budget including a new policy to expand lPG connections to the poor and the needy particularly in the rural areas will help to increase demand for lPG grade HR Coils. With a target of 100% village electrification by 1st May 2018, there will be a possible increase in demand of steel products. A policy to provide 100% FDI through FIPB route in food products produced and marketed in India will increase the need for storage for food products.