Steel Authority of India Limited (SAIL) has said the Union Budget was growth-oriented, and it had various positive proposals for the steel industry.
"The government's continued thrust on development of infrastructure and manufacturing will help steel demand in the country to grow," chairman of SAIL CS Verma said.
"Higher export duty on iron ore has been a long-pending demand of the steel industry, and the Budget has taken care of the issue by increasing the export duty to 20%," Verma said in a statement.
Further, reduction in surcharge on income tax from 7.5% to 5% will have a positive impact on domestic companies, making available disposable surplus for investment, he said.