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Union Budget 2019 will facilitate steel industry growth

For a country headed towards USD 5 trillion economy in next five years, the budget is very structured for moving towards that target.

Published: 06th July 2019 04:51 PM  |   Last Updated: 06th July 2019 04:55 PM   |  A+A-

Steel Plant

For representational purposes (File | Reuters)

By IANS

The Union Budget compliments the expectation of steel industry and other related industries. SAIL is completely geared up to cater to every requirement of governments roadmap to reform, perform and transform India. Steel Authority of India Limited (SAIL) is committed to fulfil the expectations of Indians as it has been doing for the last sixty years.

For a country headed towards $5 trillion economy in next five years, the budget is very structured for moving towards that target. Clear emphasis has been laid on the infrastructure development along with massive push to every connectivity avenue including industrial corridors, dedicated freight corridors, Bharatmala, Sagarmala, UDAN and PMGSY.

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The government's commitment in budget to provide electricity, housing for all under Pradhan Mantri Awas Yojana - Gramin, availability of water and LPG connections, focus on development of urban housing under Pradhan Mantri Awas Yojana - Shahari, etc. are all very positive and hold excellent promise for the steel industry.

The budget also proposes investment of Rs 50 lakh crore in augmenting Railways infrastructure by 2030 as well as substantial investment for roadways upgradation and connectivity.

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The government's emphasis on investing Rs 20 lakh crore every year in infrastructure development will certainly help in increasing the steel consumption and will facilitate the growth of domestic steel industry.

(The views expressed in this article are personal and that of the author Anil Kumar Chaudhary. The author is Chairman, SAIL.)

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