Budget 2024: Comprehensive development vision to foster growth and employment: TV Narendran

Jamshedpur: TV Narendran, CEO and Managing Director of Tata Steel, has expressed strong support for the Indian government’s Next Generation Reforms, highlighting their potential to drive holistic economic development and enhance the ease of doing business in India.

He said, “We welcome the Next Generation Reforms, which mark significant strides toward holistic economic development. These reforms are poised to enhance the ease of doing business in India. The government’s comprehensive development vision for rural, semi-urban, and urban areas will undoubtedly foster growth and employment.”

Narendran noted that the increased provision for capital expenditure of approx. Rs 11 Lakh crore is a major boost for building and improving infrastructure and will have a strong multiplier effect on the economy and will also reduce the cost of doing business. As a key component of all such infrastructure development, steel will see increased demand, particularly with the enhanced budgetary allocation for housing and water supply.

Narendran also praised employment linked incentive schemes are a positive step that will boost employment, particularly in manufacturing, and support economic development. The impetus on education and skilling will empower youth to meet the demands of a dynamic job market.

In addition to economic reforms, Narendran commended the government’s intention to develop a roadmap for emission targets in ‘hard to abate’ industries. He stressed the importance of government support for the successful transition of these industries and expressed anticipation for further details on the regulations related to the “Indian Carbon Market.”