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Steel industry hopeful that government's focus on infrastructure sector will boost capex

Going forward, Narendran said he hoped that the government will take more steps to address the cost of doing business, effect further reforms to unlock the potential in mining and take measures to revive the automotive sector.

, ET Bureau|
Last Updated: Feb 01, 2020, 09.43 PM IST
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Steel Industry
The steel industry will be directly benefited from the government's renewed focus on investment in Indian Railways, plan to develop 100 new airports and piped water supply line," Chaudhary said.
The domestic steel industry is hopeful that the government focus on infrastructure sector, which is steel-intensive, will boost capex and kick start the economy.

Commenting on it, T V Narendran, CEO, Tata Steel said :

"The budget continues to focus on the infrastructure sector, which is steel intensive. The infrastructure sector has the potential to kick start the economy, boost capex cycle, create jobs outside the urban centres and hopefully provide impetus to the heavy vehicle segment. Initiatives like expansion of national gas grid and piped water supply to households will boost steel demand."

Anil Kumar Chaudhary, Chairman, Steel Authority of India Ltd also felt the government’s plan of massive investment on infrastructure projects will definitely work to boost steel consumption in the country and give momentum to the economy and help to generate job opportunities. The steel industry will be directly benefited from the government's renewed focus on investment in Indian Railways, plan to develop 100 new airports and piped water supply line," Chaudhary said.

Going forward, Narendran said he hoped that the government will take more steps to address the cost of doing business, effect further reforms to unlock the potential in mining and take measures to revive the automotive sector.

"Overall, while the intent of the budget is commendable, implementation will be key," he added.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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