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Budget good for steel industry
The Budget presented by Union Finance Minister Arun Jaitley in the Parliament on Monday would augur well for the steel industry, said RINL, the holding company of Visakhapatnam Steel Plant.
Visakhapatnam: The Budget presented by Union Finance Minister Arun Jaitley in the Parliament on Monday would augur well for the steel industry, said RINL, the holding company of Visakhapatnam Steel Plant.
In a statement, the company said the Finance Minister's announcement that the fiscal deficit target would be limited to 3.5 per cent of GDP is a positive measure which will contain inflation and contribute to growth of the economy. This will also help in improving country’s credit rating by the external agencies.
The plan outlay for the road and rail projects amounting to about Rs 1.8 lakh crore would be a booster to the ailing steel industry as this would induce demand for steel products especially for RINL since RINL’s product range comprises products which would be used in construction projects.
The thrust on the rural sector by way of electrification projects and irrigation schemes would also benefit the steel industry to cater to the steel requirements of the rural sector, the company added.