Budget 2013: Tata Steel MD praises Union Budget

JAMSHEDPUR: Given the global economic scenario, the Union Budget announced by Finance Minister P Chidambaram has made an attempt to achieve inclusive growth and a sustainable economy, Tata Steel Managing Director H M Nerurkar said today.

The thrust given to the infrastructure industry through investment allowance of 15 per cent and various steps for mobilising funds for the growth are welcome initiatives, he said.

Nerurkar appreciated the extension of full exemption from export duty for galvanised steel sheets, stating that this will help the steel industry greatly and enable it to be more competitive in the international market.

"We are also looking forward to the announcement of a PPP policy framework for increasing production for coal which will help reduce imports and achieve raw material security in the longer run," he said.

Tata Steel MD, however, expressed concerned that the steel industry demands to reduce import duty on iron ore and other raw materials for steel were not met.