The steel industry today said increased thrust on infrastructure in the Budget 2009-10 will augur well for the sector as it would boost the demand for the commodity.
"We are happy with the Budget. The spending on the infrastructure will boost steel demand. The (customs) duty structure is left unchanged for every sector. It is not a great disappointment," SAIL Chairman S K Roongta said.
Tata Steel Chief Financial Officer Koushik Chatterjee said, "This Budget has a clear, good direction and all the infrastructure sectors, highways and urban infrastructure have received more allocation. It's good."
However, Tata Steel MD B Muthuraman said, "There is nothing in the Budget which helps the industry directly."
Private steel producer Essar Steel termed the annual financial bill as "another run of the mill budget".
"This is another run of the mill budget. We were anticipating increase in import duty ... Keeping in mind the tardy implementation process of government, it is yet to see how the measures bear fruit," Essar Steel Business Group CEO J Mehra said.
Ispat Industries Executive Director (Finance) Anil Surekha , however, said that the thrust on infrastructure, housing and other projects would certainly create a demand and this will also be reflected on the steel industry.
