Visakhapatnam steel plant Chairman and Managing Director P Madhusudan welcomed the significant Budget allocations made to several infrastructure projects in the country.
He said the Rs. 37,880-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 proposals such as as developing airports in Tier-II and Tier-III cities, Rs. 100 crore for rural entrepreneurship programme, revival of SEZs, Rs. 10,000 crore venture capital fund to attract new entrepreneurs. He said plans to allow manufacturing units to sell their products through retail and e-retail which will give a major boost to e-.
There would be an impact of around Rs. 90 Crores on the steel plant due to imposition of customs duty on metallurgical coal and energy cess.
G Sambasiva Rao, the chairman of Sravan Shipping Services Pvt Ltd here, said it was a good Budget giving a boost to the infra and manufacturing sectors.
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