Not a bad budget for the steel industry

R C Nandrajog, vice president (finance), TISCO

Sops for agriculture should perk up rural demand for steel.

There were a number of issues with steel industry which were not addressed and some of them have not been resolved.

I think it was not a bad budget for the steel industry. The FM has tried to address the problems in an indirect way. With the customs duty being increased from 35 to 40 per cent on secones and defectives, imports should stop. This is likely to hike the demand for domestic steel and increase steel prices domestically.

"The increase in customs duty on seconds steel has come at the right time as, imports had trebled this year to around 360,000 tonne.

I feel that the sops to the agricultural sector should also perk up the steel industry as rural demand for steel could increase.

Powered by

YOU MAY ALSO WANT TO READ:
The Rediff Budget Special
The Rediff-Capital Market Budget Analysis
More Budget Stories
Money