Against a challenging and often conflicting set of objectives for the current fiscal, the Finance Minister has done an excellent balancing act, reacting on the budget SAIl chariman CS Verma said.
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 will go a long way to further consolidate growth and giving fillip to steel sector which has faced stagnant demand of late, Verma 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 per cent, he pointed.