Jamshedpur, July 5: Commenting on the Budget 2019, T. V. Narendran, CEO & MD, Tata Steel said, �There are several welcome steps announced in the Union Budget 2019. Government’s intent to focus on infrastructure spend with emphasis on digital economy and job creation are significant announcements. Further, the aim to put a mechanism in place to attract foreign capital is an important development.
We believe investment in infrastructure sector and moves to attract private capital in railways and waterways can have a positive cascading effect in the economic activity across sectors of development and growth. Connecting rural India, both physically and digitally, is another positive step for the economy. Announcement of streamlining multiple labour laws into a set of ‘four labour codes’ is a progressive step.
Domestic steel market has seen some decline in demand and the measures announced today for the steel sector aimed to further boost �Make in India� policy is a welcome development. The cost of doing business in India is one of the highest in the world and measures announced today, including logistics solutions, will address some of the issues faced by the capital-intensive steel industry.�
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