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Budget 2017 is progressive which aims at holistic development: SAIL

Budget 2017 is progressive which aims at holistic development: SAIL

India Blooms News Service | | 01 Feb 2017, 07:41 pm
New Delhi, Feb 1 (IBNS): Steel Authority of India (SAIL) Chairman P K Singh on Wednesday hailed the Centre's general budget and said it aims at "holistic development."

"Budget 2017 is a progressive budget which aims at a holistic development of the entire economy with a 25.4% higher capital expenditure slated for FY 2017-18. The infrastructure sector will get an investment of Rs 3,96,135 Crores including roads, railways, ports, airports, construction etc and also affordable housing which will now get an infrastructure status," Singh said in a statement. 

"The 3500 kilometers of railway lines, 1 crore houses for poor by 2019, improved connectivity between cities, affordable house building schemes will all translate to robust economic development. At the same time, 24% higher than previous year’s allocation towards rural, agriculture and allied sectors will strengthen rural India. The benefits announced for medium and small scale industries will also boost the manufacturing sector," he said.

"All these announcements and investments in these sectors are expected to translate in improving the momentum of infra, rural and MSME sector and given that steel will be one of the key requirements for these sectors, we expect that domestic demand scenario of steel will improve handsomely," he added.