Reaction of Shri
Prashant Ruia, Managing Director,
Essar Steel Limited on Union Budget
February 28, 2005
The
Union Finance Minister deserves two cheers from
the steel sector - for correcting duty anomalies
in certain inputs like coking coal, graphite electrodes
etc. and also for putting emphasis on the infrastructure
growth. However, his decision to raise excise duty
will lead to higher cost for steel, particularly
for sectors like construction and housing and will
certainly evoke strong sentiment from the non-modvatable
consuming class.
In general, the budget's emphasis on Bharat
Nirman is a much-needed step. But the manufacturing
competitiveness programme for SME sector and the
new infrastructure funding mechanism through SPV
are two essential steps. These should have been
extended to core sectors like steel as well.
Media
contact:
Corporate
Communications:
Essar
House, 11 K.K.Marg, Mahalaxmi, Mumbai
400034, India
CORPORATE
The
Union Finance Minister deserves two cheers from
the steel sector - for correcting duty anomalies
in certain inputs like coking coal, graphite electrodes
etc. and also for putting emphasis on the infrastructure
growth. However, his decision to raise excise duty
will lead to higher cost for steel, particularly
for sectors like construction and housing and will
certainly evoke strong sentiment from the non-modvatable
consuming class.