Tata Steel welcomes General Budget

"The budget seeks to provide an environment that attracts investment in industry and propels economic growth. The proposal to do away with different types of foreign investment caps and replace them with a composite cap is welcome. Quick implementation of market and policy reforms proposed in the budget will help in achieving a GDP growth of 8.5-9 per cent y-o-y. The proposal to reduce corporate tax to 25 per cent in the next few years is welcome," the company said in a statement.

"The Rs 70,000 Cr. earmarked for the infrastructure sector, too, augers well for sectors such as steel and cement. The proposed National Skills Mission will enhance employability of rural youth in industry. The new tourism scheme and the government’s proposal to issue visa on arrival to nationals from 150 countries will greatly benefit the hospitality and services sectors," it said.

The Finance Minister’s proposals on social security for all and welfare schemes for senior citizens indicates the government’s intent in achieving inclusive and equitable growth, it said.

The company said, "The move to appoint an expert committee to prepare a draft legislation for obtaining regulatory clearances expeditiously is a step in the right direction. Increase in the import duty on steel will help in improving the competitiveness of the domestic steel industry."