You are here: Home » Budget » Reactions » Industry
Business Standard

Supportive of 'Make in India': Ravi Uppal

Says massive commitments to reboot the infrastructure sector could be significant growth drivers

Business Standard 

If India is to pull swathes of people out of poverty, it would need to grow at a double-digit clip over a sustained period of time. Therefore, in his second Budget, the finance minister stressed on themes supporting the Make-in-India mantra. However, it lacked details of how the government proposed to turn India into a manufacturing hub.

A touch disappointing was that there were no major measures announced for reviving sectors such as steel, cement and power. The rise in clean energy cess, on top of the 6.3 per cent increase in coal freight announced in the rail budget, is likely to nullify any gain that the sector might have expected following the coal auction process..

Read our full coverage on Union Budget In a proposal that should please the steel sector, reeling from a market glut, the rate of the basic Customs duty on iron and steel has been increased from 10 to 15 per cent. On the downside, the proposed increase in service tax and excise duty may inflict more pain on domestic steel makers. The proposal to build 400,000 houses in rural India and 200,000 in urban India could deliver a powerful impetus to the construction sector and accelerate the growth of steel, cement, and related sectors. The massive commitments to reboot the infrastructure sector could be significant growth drivers.

Ravi Uppal
MD & Group CEO,
Jindal Steel and Power Limited

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, March 01 2015. 00:14 IST