Visakhapatnam Steel Plant Chairman and Managing Director, P Madhusudan, has welcomed the significant budget allocations made to several infrastructure projects in the country.
He said Rs 37,850 crore budget allocation to the NHAI would pave the way for improving road network, which in turn would result in more consumption of steel, particularly long products.
He also welcomed the several moves of the Finance Minister such as developing airports in Tier II and III cities, Rs 100 crore for rural entrepreneurship programme, revival of SEZs, Rs 10,000-crore venture capital fund to attract new entrepreneurs, and allowing manufacturing units to sell their products through retail and e-commerce, which will give a major boost to e-economy.
All these moves would help in reviving both the infra and manufacturing sectors leading to more steel consumption, he added.
There would be an impact of around Rs 90 crore on the steel plant due to imposition of Customs duty on metallurgical coal and energy cess.
Port projects welcomed
G Sambasiva Rao, Chairman of Sravan Shipping Services Pvt Ltd, said it was a good budget giving a boost to the infrastructure and manufacturing sectors.
He said the 16 new port projects would stimulate growth in the shipping sector and port sector. He also said the Dugarajapatnam major port to be built by the Centre would be one of the new port projects to be taken up soon.