Tata Steel CEO and Managing Director T V Narendran on Tuesday welcomed the Union Budget 2022-23 and said, “The Hon’ble Finance Minister presented yet another progressive, future-focussed and inclusive budget that aims to position the economy on an accelerated growth trajectory, especially in the backdrop of an encouraging broader economic recovery.”
He added, “It is heartening to note the government’s sustained focus on infrastructure and increased public spending while staying committed to the fiscal discipline and stable policy regime. We welcome Budget 2022-23 and look forward to concerted implementation of the proposed reforms to ensure the benefits percolate across the economy.”
T V Narendran further said, “The increased allocation to infrastructure spends will certainly have a multiplier effect on the economy, generating employment opportunities across the country and creating demand across product categories, including steel. The PM Gatishakti Yojana, expansion of National Highway network, and introduction of multi-modal national parks will play a crucial role in modernising the country’s logistics infrastructure, make manufacturing more competitive, and give boost to entrepreneurial opportunities in the country. The earmarking of 68% capex for the Defence sector for domestic procurement will give fillip to the Make in India programme.”
“The process roadmap for Ease of Doing Business 2.0 is a welcome move towards improving productivity, efficiency and transparency and will pave way for resolving complex issues related to green clearances and land acquisition. The announcements on affordable housing, increased access to tap water and creation of robust digital infrastructure in rural areas will foster inclusive development.” he added.
Commenting on Union budget 2022, Tata Steel CEO also said, “To address the climate-related concerns, the budget includes long-term plans to enable transition to a green economy. Inclusion of sovereign green bonds in government borrowing programmes, PLI scheme for manufacturing of high-efficiency solar modules, financing of projects to reduce carbon intensity are welcome steps which will help achieve our net-zero ambition.”
“The battery swapping policy will also aid the sustainability journey and encourage the adoption of EVs. The budget also addresses the critical context of urban planning with focus on setting up clean public transport systems, an imperative for smart and sustainable living.” he added.
He further said, “The extension of customs duty exemption on steel scrap is a positive step to drive availability of scrap in the country, will help mitigate the carbon footprint of steel sector and benefit the MSME secondary producers.”
In his concluding comments, he said, “Overall, the budget 2022-23 sets the course for realising the ambition of a $5 trillion economy.”